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There was a second entry opportunity to Long SIMSCI. Due to some personal commitment , I gave up the trading opportunity. Anyway, second entry was at 283.9 with potential exit at 284.8.
It was a strong day for SG market, which in turn provides SIMSCI day trading profit oppportunities.
I closed the day and the week in positive note again. Total gain for the week is +2.8 points.
I have closed Long position at 283.1. After watching price action at the area of day high (283.4), uptrend seemed to be getting weaker. This does not mean a reversal is kicking in, it just prompts me for profit taking. Notice about DI+, similar weakness was observed as well. To confirm this decision, I turned to 9-min chart.
I might be wrong which might miss out bigger profit in the afternoon session. However, day trading is all about discipline and timing, I do not act on expectation. In fact, at 1130pm, my position was already in-the-money. Not so bad for 2-hour trading, a positive Friday with +1.2 gain.
Long position of SIMSCI has been established at 281.9. SIMSCI seems to be gaining strength again. Sentiment remains positive.
Another three digit gain for DJ again. Positive opening of Nikkei , SIMSCI as well as Hang Seng is just expected. In the first hour of trading, SIMSCI, in fact, drifting down from open price. With both Nikkei and Hang Seng stays more than +300 points gain, I am looking for opportunity to establish Long position in the weakness of SIMSCI movement.
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What a disappointing day. In fact , it was a ‘do-nothing’ day for me. SIMSCI futures was choppy and weak, even though Nikkie Futures were strong. No trade was made. I might be missing an entry at 275.4 around 415pm. I gave up the opportunity as I do not like the way market moved. The potential reward was not attractive enough for me to take risk.
No trade.
[11:29am]Here we go. I am twisting my mind again. Nikkei reopen and failed to push up further. SIMSCI has formed a base line at 274.7 and making lower highs. It is rather weak. Now, I am watching for short position closely.
It might end up with a choppy day instead.
Update [12:37pm]
Nikkei 12 min morning
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I did not initiate a Short position in SIMSCI before lunch break. Nikkei Futures does not give me the confidence to go short. In 9-min a positive divergence of RSI is observed and in 12-min, it starts to ticking up. Volume is drying. I might be wrong and again, missing profitable trade, however, the risk of being stop by SIMSCI gap up in the afternoon is too high for me to take.
So far, SIMSCI intraday movement has been choppy. Though a descending triangle is formed, sentiment support is not strong enough. No position is established.
SIMSCI 12-min
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