Are these news related to day trading? Well, it might be. At least , I am seeing intraday Dow futures starts to turn down and in fact broken uptrend line. Though I have yet to have complete setup for the day, I tend to look at Short side.
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.
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.
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.
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
