I am looking at Long position of SIMSCI this morning. However, it seems to be rather weak after morning gain. My buy order is still in the queue. Nikkei is closed for first session. I am watching for second session of Nikkei to confirm intraday sentiment.
Bottom line, current intraday chart formation does not suggest me to go for short.
So we have Dow ended with triple-digit gain and Nasdaq snapped losing streak last nite. Nikkei futures opened and trading around +300 points gain. SIMSCI opened with +3 point. It is a positive morning. It is still too early to decide trading direction now. I am watching the market closely now.
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In fact, it will be profitable for short trades in the afternoon session, however, none of my pattern setup was formed successfully, I did not initiate second trade for today. In fact, I was a bit tired after morning’s first trade.
In today’s trade, it showed the importance of intermarket analysis, even for day trading. SIMSCI follows Nikkei most of time (I have no idea about the reason).
Not so bad, I closed the day in positive note again.
This is 12-min SIMSCI chart. My LONG order was triggered a little bit higher at 274.3. My initial plan was 274.1, anyway, it was still below my maximum chase level. It was a nice morning, trailing stop had been moving upward, and in fact, by 1230pm my position was already in the money. I did a last check on Nikkei and decided to close the position at 275.8.
I will be looking for another opportunity in the afternoon. One trade closed. Gain +1.5 point
I was looking at 274.1 to Long SIMSCI (before my trading platform is down for maintainance for half an hour). Nikkei starts second session with slightly positive tone. I see the intraday market is to be flat with positive biased. As at current condition, I am looking at LONG side.
Again , yes again , DJ closed in negative territory. Nikkei and SIMSCI followed as expected. However, it is very interesting to see Nikkei and SIMSCI indeed moving up from low opening. Intraday chart shows me a uptrend is building up for SIIMSCI, though it is too early to conclude now. It gives a feeling that these two asian markets are trying to shrug off the dirt caused by American counterpart.
I am watching closely for possible trade setup.
