It is another good day for bulls. Mini dow had a good run. Long positon was established at 11229 above 1030am candle with initial stop below 11215. Trailing stop was moved four times after position reached 4~R gain. Subsequently, Mini Dow pulled back, and last trailing stop was triggered at 11270 with 3-R gain. I am still feeling I am moving trailing stop too early, however, before I have a complete plan, I will stick with this plan.
There was nothing much changed after yesterday's close. Again, I am waiting for STI to make a higher high to draw a better picture of possible trend change. With overnight gain of D.J and Nasdaq indices, there should be a chance for index to advance a little bit further. In addition, one of core STI components , Singtel, released result with 10% raise in quarterly profit, which beats expectations. Stochastic is moving in overbought zone, however, this is relatively unimportant as oscillator tends to be stay at extreme zone during treding market.
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Here is the recap of Mini Dow and E-mini Nasdaq Futures, let’s look at the full picture of today’s action. It involved a little bit of luck, I exited Long position of Mini Dow near the top of the day after hitting 2~R gain. Mini Dow futures pulled back after hitting 11255, and failed to make new high in the rest of the trading day.
30-min chart of Mini Dow Futures
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I had, in fact, missed out LONG opportunity of E-mini Nasdaq. Initial R was a little bit bigger comparing to Mini Dow. I was trading on a single screen Laptop, it was a little bit troublesome to switch around my chart/spreadsheet/calculator windows. Mini Dow and Nasdaq took off around the same time , so, too bad, I can’t have it all.
30-min chart of E-mini Nasdaq Futures
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It is a nice day for bulls. Long trade setup was completed around 930am (Chicago time). Long position was established at 11200. The rest of the trade was pretty simple ~ Be patient and wait. Stop was moved thrice after gaining 1-R, 2-R, and 3-R. Stop was triggered at 2-R stop , which was 11236. One trade closed with 2-R gain. Here is the 30-min chart of Mini Dow Futures.
Let's have a look at STI (Straits Time Index)ended 01-August-2006. Yup, it managed to stay above moving averages support area after breaking recent downtrend line. STI in fact has made a higher bottom, this is the first thing I am looking for when determining trend change. Now I think, it is interesting to see if it is able to make higher high. With weak closing of U.S markets, Fast stochastics seems to be a little overbought, and STI is reaching recent resistance area, it might need a little bit more strength to go up further.
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Short position of Mini Dow was established at 11134 with initial stop at 11152. Trailing stop was moved to break even point after 1-R gain was achieved at 1117. Mini Dow made a small rebound back, and my trailing stop was triggered! That's today's trading. One trade closed, with no gain. I am thinking if I am moving stop to break even a little too early. Anyway, that's the plan.
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Here is the full picture of the day
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