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Gav's trading blog - Perseverance, Consistency, Confidence

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No trade 29-June-2006

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I did not have any position for TIMSCI today. It was rather volatile and boring. It failed to complete my setup. In fact, after watching TIMSCI for the past few days, I found that it is a little bit tedious to trade this index. Price action goes wild frequently.

No setup for SIMSCI. I guess tomorrow should have some action after Fed meeting tonight.

I agree with some comments put on my blog about Mini Dow. I do find opportunity on this index futures. However, opportunities normaly appear after 11 to 12am Singapore time. I am the person who needs to struggle staying through the night (That’s why watching World cup is just not for me), it is risky for me to day trade in the wee hours of the morning.

I am not interested in trading stocks at this point of time.

So far, it has been a lousy week to me. Looking forward for a next better trading week.

Trading for 29-June-2006: Potential Long TIMSCI, Pattern Pending SIMSCI

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Sentiment is rather flat with positive biased. I see the possibility to Long TIMSCI today. After first hour of trading, a ascending triangle is being formed. Setup is yet to be completed. I am watching for possible Long entry.

I am slowing down myself in trading SIMSCI futures. Instead of sticking my mind to look for every possible trading opportunity on this tiny index futures, I will only trade if my predefined pattern setup exists. Otherwise, I will just leave it alone.

TIMSCI 28-June-2006: Long trade closed.

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I was looking at TIMSCI this morning. With 3-digits closed of Dow, TIMSCI opened low this morning. After first hour of trading, a descending triangle is formed in 5-min chart. I was looking at SHORT entry at 265.8. I pulled out my sell stop order, as realising RSI formation was not in my favour.
I waited for opportunity to go Long after seeing double bottom with high lows formation is RSI. Long position was established at 266.4. Mistake was made when I decided to put a closed stop loss at 266. Initial stop loss should be placed at 265. I did not face the fact that the volatility of this index did not allow me to be timid. Stoploss was hit as expected.
In fact , analysis done retrospectively shows if I were to follow my original plan, trade should be closed at 266.3. Though it is still a losing trade, loss is smaller and taken out by planned trailing stop is the best way of exit.
Small loss to pay for the lesson. One trade and the first trade of TIMSCI with a loss of -0.4 points.

Opportunist series: Stocks for 24-June-2006 onwards

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Here I see some interesting stocks which appear to rebound. Though market sentiment remains negative, these stocks provide some quick short term trading opportunities.
I saw tiong woon, C&O pharm, SKY china petrol, and InterraRes.

I was preparing Monday’s stockst trading, when I was almost finishing, a sudden thought came into my mind. All the potential candidates I saw are trading under long term moving averages. In which, it is telling me uptrend is not resumed just yet. Why do I even think of buying them? My profitable stocks trades before the corrections were all riding uptrend, because I knew the success rate is high when riding a established trend. And now, I am contradicting myself, just because of the unknown agenda to trade in my mind, and the hungry of profit.

I closed my documents. I ignored all my preparations. No stocks trading for now, I was just wasting my time.