Nikkei Futures seems to be breaking a descending triangle in 10-min chart with failure of RSI. I expect it to lose a little bit more. SIMSCI, being one of the weak index in the region is likely to follow any fluctuation in Nikkei and HangSeng.

It is pretty hard for me to be bullish, look at yesterday’s movement, all the gain in the morning were given away, with good volume support. It is still too early for day trading. I am getting the feel of market sentiment now.

[photopress:10_min_SIMSCI_whole_day.JPG,full,pp_image]
It was a roller coaster day for SIMSCI. Afternoon session opened with a spike after Nikkei futures gained around 200 points. However, the upward running was not sustainable. Afternoon session did not provide opportunity for short entry for day trading as well. The selling in the afternoon session was supported by volume, which eventually gave back all the gain in the earlier session.

Well, it is a little messy for the postings today. A little bit too much huh. Here is the chart of SIMSCI for my morning trades.
Did I miss out bigger profit? Yes, I did. Was that a wrong decision to exit the trade? No. It is about plan execution. I can’t afford to be greedy and being undecisive when day trading. I learnt this from experience. So, exit the trade when target is achieved.

If I work hard, and smart, market will pay me well.

By the way, I am still feel sad about France’s loss.

Target for the second long position is achieved at 291.7 which is below intraday resistance level.
Second trade closed with +1 point.

Trade summary:
Direction: Long
Entry: 290.7
Exit: 291.7
P/L: +1

Nikkei is running strong. I am watching for possible second trade in the afternoon session. That’s all for my morning work. Time for lunch break.

After the failure of first trade, I was looking at second opportunity. An ascending triangle was formed with RSI making higher lows and MACD moving above trigger line. Another main reason to go Long of SIMSCI was rally of Nikkei futures from its low opening. Nikkei managed to recoup its morning losses from -200 points to less than -100 point.

Long position was established at 290.7.

The pattern failed to move as expected, Long position of SIMSCI was closed at 290.2.
This trade was a mistake. I was focusing on pattern formation, and ignored the fact that 12-p EMA is still under 21-p EMA. In fact, setup was not completed.

One trade closed with loss: -0.1 point.

Trade summary:
Direction: Long
Entry: 290.3
Exit: 290.2
P/L: -0.1

After the failure of flag pattern, a double tops pattern is formed. I am watching for another trading opportunity.