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Gav

Opportunist series: Stocks for 24-June-2006 onwards

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Here I see some interesting stocks which appear to rebound. Though market sentiment remains negative, these stocks provide some quick short term trading opportunities.
I saw tiong woon, C&O pharm, SKY china petrol, and InterraRes.

I was preparing Monday’s stockst trading, when I was almost finishing, a sudden thought came into my mind. All the potential candidates I saw are trading under long term moving averages. In which, it is telling me uptrend is not resumed just yet. Why do I even think of buying them? My profitable stocks trades before the corrections were all riding uptrend, because I knew the success rate is high when riding a established trend. And now, I am contradicting myself, just because of the unknown agenda to trade in my mind, and the hungry of profit.

I closed my documents. I ignored all my preparations. No stocks trading for now, I was just wasting my time.

RE: SIMSCI 23-June-2006

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[photopress:Simsci_morning_10.jpg,full,pp_image]
[photopress:Nikkei_morning_10.jpg,full,pp_image]
I have decided not to trade today due to some personal commitment in the afternoon session. No short position for SIMSCI was established in ther morning after watching Nikkei making a higher low and failed to form a failure swing in RSI. It is likely to move up and might lead SIMSCI to bounce as well in the afternoon session. In addition, a potential double bottom formation was found in SIMSCI chart as well.

Some charting problems in the early of the week, not a good week with only small gain. I close the week earlier with positive note.

SIMSCI 23-June-2006: Potential short

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In the first hour of trading, downtrend is formed. With Nikkei loses around -200 points and HangSeng loses around -150 point, sentiment is negative biased. I am looking for opportunity to establish Short position on SIMSCI.

RE: SIMSCI 22-June-2006: Long Trade Closed

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[photopress:simsci_10_trade_close.jpg,full,pp_image]
Long position of SIMSCI was closed at 282.4. Volume did not support buyers to push up further, and RSI was forming failure swing. A descending triangle was forming as well. I do not like the situation like this. Closed the trade with small gain. +0.4 point.

I was very unhappy with the liquidity of SIMSCI. Sometimes it does give me the feeling of ‘Why on the earth I am wasting my time trading this dummy index futures?’. Look at the daily volume, it is hardly cross 5000 contracts.

I do see opportunity in SIMSCI futures trading, however, given the lack of liquidity, I am considering switching to some other better choice.

This is 10-min chart of SIMSCI as at 3.30pm.