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Gav's trading blog - Perseverance, Consistency, Confidence

Gav

RE: SIMSCI 03-Jul-2006: Short position: Trade closed

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[photopress:SIMSCI_10_min_morning.jpg,full,pp_image]
It was not a good trade. My initial target of 290.5 was not achieved. Market is pretty resillent, but not strong enough for me to go long, yet. I have closed my short position at 291.3 after seeing Nikkei back to +120 gain and RSI of SIMSCI making higher lows again. Short position closed with +0.1 points gain.

This SIMSCI Futures 10-min chart of morning session.

Some thought on the ‘Waves’

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I believe there are profitable Elliot wave traders out there. No doubt. Though I have never met any of them yet. In fact, I have met a lot of wave analysts, not trader. I am not an wave trader and I definitely do not have bad feeling towards these wave analysts, I just have the feeling that they have complicated trading unintentionally. They are trying to view the market in a different, maybe, creative way. But, they create the confusion at the same time.
Trading should not be so difficult (after all, you are buying something with good potential upside and sell it when it is in high demand). And wave, to me, is sometimes over subjective and the element of prediction or you call it forecasting is too strong. Being always objective is difficult but it is necessary for trading. I have come back to the same point, straight trend line, support and resistance line are in fact enough for you to trade profitablely. I have never believe in market prediction in my whole trading life. To trade, I prefer to face the fact, what is happening in front of my eyes. Accept the fact, and act on it.
I have the same feeling towards Gann's stuffs as well. If you are confused, not sure about which wave you are in now, why bother to spend your time struggling on these waves?
Make trading simpler, and trade better.

RE: SIMSCI 30-June-2006: Potential Long: No trade

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[photopress:SIMSCI.jpg,full,pp_image]

Ok, this is another ‘do-nothing’day for SG market. There is no rewarding entry level for SIMSCI. It opened high with impressive +8 points gain,
however, it was drifting down subsequently and staying flat for the whole trading day. Here I am showing how ugly is the SIMSCI 10-min chart for the day.

SIMSCI 30-June-2006: Potential Long

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A three digit gain in DJ. Nikkei gains more than 300 points in the first hour of trading, SG gains around +8 points, pretty bullish day. I am watching for any possible entry to Long SIMSCI. With this type of big gap opening, patience is needed if one is to day trade. It might end up as a boring day with no trade setup completed.