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.
Charting Headache Continues: No trade today
It is going to take sometime for my new chart service to be activated. Maybe it is time for me to take break after some winning trades for the past 2 weeks. I can't risk by doing day trading with delayed chart.
I 'll be back when the chart is available to me again.
Be a better trader today.
Charting headache: No trade today
I do not believe it. My broker just replaced their charting service which delays 2 bars. This has a big implication to my day trading strategy. I can't make a timely decision based on the delay chart. I have decided not to trade today in order to sort out the charting problem. This is a bad headache to me.
Anyway, SIMSCI is likely to be moving sideway if not profit taking after strong gain from last Friday. This can be observed first from Nikkei this morning.
Chart Eye: SIMSCI Futures : ended 16-June-2006
This is daily chart of SIMSCI futures. It broke out from existing downtrend channel last Friday after a strong day. It is currently facing resistance soon.
Directional index has started ticking up after reaching oversold level. And trend index shows a same picture as well. Sentiment is improving though it is still remain negative.
It is likely to see rebound rally, though downtrend is still intact.
Opportunist series: Stocks for 19-June-2006 onwards
This opportunist series is to capture stocks which experience extreme bearish sentiment and starts rally. Tight stop loss is implemented as broad market sentiment and trend remains bearish.
I have found some counters for agressive trading style to capitalise in the rebound rally in the existing downtrend. Almost all of the stocks I have found are in down trend and negative sentiment. However, some of them are rebounding after reached extreme bearish sentiment.
There are quite a few counters captured , however, most of them are trading near major resistance and Reward/Risk ratio less than 1. I have excluded them from consideration.
I am watching at Star Pham, Midas and Statchipac.
