I was waiting for a descending triangle to be formed in order to setup my short position. However, trend reversed. Descending triangle formation was failed, and downtrend line was broken upward. Higher lows formed a uptrend line. A swing trade setup is completed. I am now looking at Long position at 284.6.
SIMSCI 02-June-2006: Potential short
The market is not as good as the crowd were expected. With Nikkei moved from positive to negative and Hang open flat, I am in fact not expecting a rally in SG market. Sentiment in the first hour of trading is flat with negative biased. I am looking at possible Short side instead.
RE: SIMSCI 01-June-2006: Potential Long
[photopress:simsci_12min_full_day.PNG,full,pp_image]
It was a dissapointed day. Sentiment changed from positive to flat and then negative. No position was established. To be exact, one opportunity was missed and two were ignored. It is the challenged of real time trading. I do not know what is going to happen at the right side of chart, experience and skills makes the judgement call. Short entry at 11:24am was missed. Subsequently a descending triangle was formed, it was ignored as RSI is diving in oversold zone. The last opportunity was a bearish flag, it was again ignored as entry level is too closed to day support level. No trade for today. Gain 0 point.
SIMSCI 01-June-2006: Possible long
Sentiment is positive biased. Though not bullish. HangSeng futures turned from negative open to positive while Nikkei futures stays above positive. I am looking for price setup in SIMSCI for intraday Long position.
SIMSCI view ended 31-May-2006
Before market open, I am looking at overview of SG market. Analysis on SIMSCI futures can be found at Traderswin Futures Trading blog.
The overnight rebound at U.S does not contribute a strong bullish view. For stocks, it might be a time to sell on strength. I am not looking for any stocks trading for the time being. Focus will be still in SIMSCI trading.
RE: SIMSCI 31-May-2006 : Potential short
[photopress:simsci_12_min_closed_trade_1.jpg,full,pp_image]
It was rather slow trade. However, it was profitable. Entry at 282.9 and exit at 282.3. It is a very small gain. Exit decision was made as RSI was making higher lows in oversold zone and recent downtrend line was broken. I have considered failure swing in RSI as one of important factor to enter the trade, and same treatment is for exit. The objective here is to capture the intraday movement with the effect of market sentiment and profit from it. Small gain +0.6 point. This is 12-min chart of SIMSCI.
