TraderGav.com

Gav's trading blog - Perseverance, Consistency, Confidence

Gav

RE:SIMSCI 16-June-2006: Potential Long:Trade Closed

by Leave a Comment

12-min SIMSCI Futures
[photopress:simsci_morning_12.PNG,full,pp_image]

I have closed Long position at 283.1. After watching price action at the area of day high (283.4), uptrend seemed to be getting weaker. This does not mean a reversal is kicking in, it just prompts me for profit taking. Notice about DI+, similar weakness was observed as well. To confirm this decision, I turned to 9-min chart.

9-min SIMSCI Futures
[photopress:Simsci_morning_9.PNG,full,pp_image]

A failure swing RSI was forming. This is the ugliest scene to me when holding Long position. Similiar situation was found in directional indicator as well. These conditions gave me a strong support to close my profitable Long position.

I might be wrong which might miss out bigger profit in the afternoon session. However, day trading is all about discipline and timing, I do not act on expectation. In fact, at 1130pm, my position was already in-the-money. Not so bad for 2-hour trading, a positive Friday with +1.2 gain.

SIMSCI 16-June-2006: Potential Long

by Leave a Comment

Another three digit gain for DJ again. Positive opening of Nikkei , SIMSCI as well as Hang Seng is just expected. In the first hour of trading, SIMSCI, in fact, drifting down from open price. With both Nikkei and Hang Seng stays more than +300 points gain, I am looking for opportunity to establish Long position in the weakness of SIMSCI movement.

Swing Trade for 16-June-2006: No candidate

by Leave a Comment

Given yesterday’s positive closing of STI and recent rally of U.S indices, I did a scan on my stock list for potential swing trade candidate. Few china counters appeared in rally with volume scan. However, none of them passed the directional and trend test for the time being and most of them are actually trading below 150 and 200 day moving average.

I would prefer to stay away from stocks market today and wait for more confirmations about this rally (or maybe , just a relief rally).

RE:SIMSCI 15-June-2006: No trade

by Leave a Comment

[photopress:simsci_full_day_12_1.PNG,full,pp_image]
What a disappointing day. In fact , it was a ‘do-nothing’ day for me. SIMSCI futures was choppy and weak, even though Nikkie Futures were strong. No trade was made. I might be missing an entry at 275.4 around 415pm. I gave up the opportunity as I do not like the way market moved. The potential reward was not attractive enough for me to take risk.

No trade.

RE:SIMSCI 15-June-2006: Potential Long: Twisted, Potential Short

by Leave a Comment

[11:29am]Here we go. I am twisting my mind again. Nikkei reopen and failed to push up further. SIMSCI has formed a base line at 274.7 and making lower highs. It is rather weak. Now, I am watching for short position closely.

It might end up with a choppy day instead.

Update [12:37pm]
Nikkei 12 min morning
[photopress:Nikkei_morning_12.PNG,full,pp_image]
I did not initiate a Short position in SIMSCI before lunch break. Nikkei Futures does not give me the confidence to go short. In 9-min a positive divergence of RSI is observed and in 12-min, it starts to ticking up. Volume is drying. I might be wrong and again, missing profitable trade, however, the risk of being stop by SIMSCI gap up in the afternoon is too high for me to take.

So far, SIMSCI intraday movement has been choppy. Though a descending triangle is formed, sentiment support is not strong enough. No position is established.

SIMSCI 12-min
[photopress:SIMSCI_morning_12.PNG,full,pp_image]