Short order is set at 275.1 level and it was triggered. Lower highs are observed with flat HangSeng. I discounted chances of strong rebound today. Market sentiment shows a flat with negative biased. Intrady Nikkei futures shows a downtrend is being formed as well.
Rant
SIMSCI 09-June-2006: Potential Short
DJ made a come back and closed +7 point after early loss. Some analyst starts calling bottom. I am holding a different opinion. It is still to early to define bottom. Back to day trading business, I am not bullish about SIMSCI today. In fact, it opened high, and subsequently trading below day high in the first hour. Nikkei futures behaves in the similar way. and it is almost flat at the point of writing this posting.
I am interested in looking for SHORT opportunity for now.
RE: SIMSCI 08-June-2006: Potential short: Missed trade
[photopress:simsci_full_day_1.jpg,full,pp_image]
At 130pm local time, Nikkei Futures has lost -600 points. This is bearish. I was looking at short SIMSCI at 275.3. The support of market crashes seems to be getting stronger.
It was too fast, too furious. With Nikkei losing more than -500 points, the weaker SIMSCI followed with panic. My short order at 275.3 which was submitted in the morning was not triggered at all. And SIMSCI dipped below my maximum chase level. I have decided to forgo this trade as I am not used to chase a trade (In fact, I walked away from my workstation to avoid the temptation). A perfect plan, a disappointing execution. What a potential big profit, what a miss. Disappointed day indeed. No trade, 0 point.
SIMSCI 08-June-2006: Potential short
With DJ sank below 11,000, it is expected to see negative opening in Nikkei then followed by SIMSCI. At this point of time, for intraday time frame, downtrend is being defined. I am looking for price setup to complete in order to establish short position for today.
RE: SIMSCI 07-June-2006: Potential Short: Trade Closed
[photopress:simsci_full_day.jpg,full,pp_image]
This is 12-min chart for SIMSCI today
From today’s trade, I am convinced to admit that it is still long way to go before I can call myself a good trader. Again, I have made a mistake.
I have mixed up trading time frame. After trade execution , I switch to 9-min chart to observe possible early warning signal. In fact, no positve divergence was observed, but I made a decision of exit when RSI tick out from oversold zone at 14:24pm. That was a wrong decision. Exit decision should be made by looking at longer time frame (12-min in this case). I was afraid of missing profit, in other words, I was hungry of profit. My initial target was 280 (it was hit comfortably after I have closed the trade prematurely), instead I closed the short position at 281. Now , I am watching profit running away from me. That is trading. That is a bad trading.
It has been 3 consecutive day I am performing under average, which is supposed to be 1.3 point per trade. I can do better, but, it can only be done in the next trade. Trade closed with small and bitter gain + 0.7
RE: SIMSCI 07-June-2006: Potential Short
Short order was triggered at 281.7 as lower high was formed. Market is rather slow. Trailing stop is moving rapidly in order to catch small intraday movement
