I am looking forward to a ‘do-nothing’ day again for SG futures market. I am not interested in trading in this condition i.e moderate U.S gain, flat opening in Nikkei and low volume in local futures market. It is difficult to find high-R trade in the market with these conditions.
Blog and Rants
RE: Dummy day trading 25-Jul-2006
No trade was done for SiMSCi and TimSCi today. It was indeed an boring day, though SiMSCi did have a spike at the last 15 min before market closed.
Dow futures was down at the opening, and subsequently spike up. Bulls did not hold the strength, intraday downtrend continues. I am watching for possible short entry for Mini Dow.
Dummy day trading 25-Jul-2006
Good morning! I am a silly person. I like to think too much and make things complicated. My objective today is to keep thing simple.
Alrite, 3-digit gain of DJ pushed gaps up around Asian markets as expected. I am looking at the tone of regional markets. Pretty positive, Nikkei gains near +300 points and HangSeng is fatter by around +200 points. SIMSCI looks interesting today, while I see TIMSCI having some wild swings. Ok, I am looking for Long opportunity of SIMSCI, though I am still waiting for entry point to completely form.
By the way, I rejected few comments by some readers (named annonymous) due to the language (some chinese dialects) used in the comments. Thanks for reading and do give me some comments, of course, in simple english. 🙂
Change
I have made some major changes to my system after studying and reading books and blogs recently. The change was not caused by recent losses, after all, I am still in pretty nice profitable situation. 🙂 The reason behind this change is the seek of simplicity. Yes, I was in fact confused by my own system, and there is really a urgency to keep things simple. The change is done mostly on entry part of the system. I am basically a trend following person and I will still stick with percent risk model for money management part. Instead of looking at shorter timeframe for day trading, I intend to lengthen the time frame to 30-min chart. Most of my entry rules are inspired by Maoxian. I am basically looking at reversal up/down bar or insider bar for entry opportunity. Nothing much in this posting. Hope the simplicity works.
TIMSCI 24-Jul-2006: Short Trade closed
[photopress:TIMSCI_10_min_trade_closed.jpg,full,pp_image]
Short position of MSCI Taiwan index futures (TIMSCI) was established at 259.1. Initial stop loss 259.6 was triggered with 1-R loss.
“The wrong way to play it would be to attempt to ?pick a bottom,? or fade the market; blindly enter short without waiting for a good spot; getting short without setting a stop, etc. The list of errors goes on and on, but people mainly make those three big mistakes.
Traders who know themselves, who have common sense, who are disciplined, and who have the ability to keep it simple will do just fine. Remember that many people in the market are either uneducated or uninformed. And most of the few who are educated and informed waste their time building ?scenarios? and end up defeating themselves by trying to outsmart the market.”
– Maoxian
Day trading watch list: 24-Jul-2006
First hour trading shows a pretty clear picture for SG futures market. Here is the summary. At this point of time, I would only looking at Short opportunity.
| Intraday Trend | MSCI Taiwan Index Futures | MSCI Singapore Index Futures |
| Longer term |
Down
|
Down
|
| Medium term |
Down
|
Down
|
| Short term |
Down
|
Down
|
| Recent High |
261.1
|
278.8
|
| Recent Low |
256.4
|
276.8
|
| Trading direction |
Short
|
Short
|
SIMSCI only serves as a reference for the time being. I am not trading SIMSCI for the time being until I see improvement of volume and volatility.
