It is a positive morning, with 3-digit gain in DJ last nite, both Nikkei and SIMSCI opened higher. Nikkei is trading near +300 point, while SIMSCI is trading around +4 point gain. I am looking for opportunity to enter Long position.
Paper Trade Series: Mini Dow 21-June-2006
It is a excited opening for U.S market. From 1 min chart of Mini Dow,there was a good setup for Long position. Mini Dow futures was trading above 10, 15, and 30 period moving averages and closed above CBL entry level. RSI supported the entry decision by making higher lows. Entry was at 11075 with exit at trailing stop 11114.
RE: SIMSCI 21-June-2006: Long Trade closed
[photopress:SIMSCI_full_day_15.jpg,full,pp_image]
Position was closed at 277.3. SIMSCI futures failed to push up further after reached 278.1, 0.4 points away from my target. So near ,yet so far. That’s trading. RSI off the high and fell below previous low. And spread of SIMSCI seemed to be abnormal. Europe and U.S futures were turning red as well. I was not comfortable with the situation to Long SIMSCI, sentiment does not support the buyers. position was closed.
I might be wrong, I found no reason to hold on Long position. One trade, 0 point gain.
RE: SIMSCI 21-June-2006: Long Trade
Another reversal trade again. Long position was established at 277.3 which is above previous resistance. My initial target is set at 278.5 which was previous high (resistance area) in 15-min chart. As Nikkei and HangSeng are having small gain and tend to be flat, I do not expect a strong bull run in SIMSCI today.
SIMSCI 21-June-2006: Potential Short
So it sets to be a negative morning. Nikkei opened slightly positive and drifting down to negative territory now. No surprise for SIMSCI Futures. It is flat with negative biased. It is still too early to define direction for the day. I am watching it closely for trading opportunity.
Paper Trade Series: Mini Dow
15-min Mini Dow
Finally , i got my new charting service up and running. I have been watching Mini Dow for opportunity. I have decided to perform paper trading for few days in order to get use of this new chart service.
First entry is when Mini Dow broke recent downtrend and RSI making is positive divergence. Entry was triggered at 11022 and exit was set at 11041 which is previous high. Target hit. Gain +19 ticks.
Second entry was set at 11054 when higher low in RSI is formed and Mini Dow broke count back entry . Signs of strength. Exit was set at 11090, previous high, resistance area. Target hit. Gain +36 ticks.
Bigger profit was missed, however, the objective is to capture the strong move and exit at the known resistance level to protect profit.
