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Gav's trading blog - Perseverance, Consistency, Confidence

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Day trading 20-Jul-2006

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We have 3-digit gain , over +200 points in DJ last nite. It is likely to have some bullish hangover in Asian markets. SIMSCI volume is building up in the first half an hour, though it is still not impressive. Chart wise, I would prefer SIMSCI over TIMSCI for day trading today. I will be looking at Long only for this morning.
Here is the summary

MSCI Taiwan Index Futures MSCI Singapore Index Futures
Longer term
Down
Lateral
Medium term
Up
Up
Short term
Up
Up
Recent High
265.9
287.1
Recent Low
N.A
N.A

Trading Business plan 101

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I have been doing some thinking and studies over the past weeks. I had some good days and some bad days over the past 2 months. Well, I guess, I'd better figure out the details of managing the trading business while I am still in nice profitable situation rather than searching for 'holy grail' for survival after hitting losing streaks. At least, mentally, I am not under heavy stress now.
The R-multiple concept hits me well on the head. I have figured out the importance of it in order to survive in this business for long. Well, at least for now, this is the best approach that comes to my mind. I am currently following Percent Risk Model. I am not trading a million-dollar-sized account now. So, the objective now is to grow the account as soon, and as much as possible. Well said, tough job though. I am striving to improve and maintain my system with high expectancy and frequency of trade.
So the first thing in the morning is to figure out how much I am going to risk and position size to be taken for the day.
This is second thing I will be doing every morning before start of a new trading day. Basically, the idea is not to go against the trend. Some profitable movements in short term might be missed out, however, I would prefer to go along with the trend for long term survival.The time frame are only refering to intraday trend of the day. I am not looking at longer time frame like daily , weekly or monthly. This is shuold simplify my job during the trading day where I will be only concentrating on the last thing of trading – entry and exit point.
This is for my day trading business. Nothing fancy. The last thing I will say in this entry : " Hey, Don't Buck the trend – lah"

  MSCI Taiwan Index Futures MSCI Singapore Index Futures
Longer term
Down
Down
Medium term
Lateral
Lateral
Short term
Up
Up
Recent High    
Recent Low    

Futures trading 19-Jul-2006

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It is likely to see a choppy trading day for MSCI Taiwan and potential Long opportunity for SIMSCI, though I would prefer to confirm this after getting more signals, it might end up with choppy style as well. It is earning session again, let’s see how far can SIMSCI go.

I will not trade in the morning given some last minute meeting to attend.

Market recap 18-Jul-2006

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STI closed higher? Ok, it did. It closed higher than yesterday. Good news, it is still below 12-day, 50-day and 200-day EMA. I see some space to move towards recent low, which is 2277 aread.

Nothing much about UOB Sesdaq. Still ding-dong between 50-day and 200-day moving averages. Just be patient to watch for development during this result relaesing season. Recent low is around 90 area. I am interested in looking at Short side if the support area is broken.

RE: TIMSCI 18-Jul-2006: Short trade closed

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It seems like things were not going so well with me this week. Yup, another losing trade today. Short position of TIMSCI was established at 255.6, stop loss has been moved accordingly and it was triggered at 256.8 at the last trading hour of MSCI Taiwan Futures for the day. It seems to be a strong intraday support at 256.5 area. Even with -300 points loss in Nikkei, TIMSCI was still holding well. Is this a force of rebound after previous days’ losses? No idea.

Anyway, there is nothing much I can do other than exit the trade if things are not working in my favour. One trade closed with -1.2 point loss (-0.89R).

This should be the only trade of the day. I will be spending my time reading for the rest of the day.

Futures trading 18-Jul-2006

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After watching first half an hour action of TIMSCI (MSCI Taiwan), SIMSCI and Nikkei futures, I will be interested in looking at Short side of TIMSCI. Nikkei Futures is losing more than -200 points, it is a little bit tough for me to be bullish.

SIMSCI is having some upward movement, however, I am not keen in Long, at least at this point of time. It is likely to be choppy (with light volume,very much possible). I will be reviewing the situation of SIMSCI in the later of the day.