Archives for June 2006

RE: SIMSCI 30-June-2006: Potential Long: No trade

[photopress:SIMSCI.jpg,full,pp_image]

Ok, this is another ‘do-nothing’day for SG market. There is no rewarding entry level for SIMSCI. It opened high with impressive +8 points gain,
however, it was drifting down subsequently and staying flat for the whole trading day. Here I am showing how ugly is the SIMSCI 10-min chart for the day.

SIMSCI 30-June-2006: Potential Long

A three digit gain in DJ. Nikkei gains more than 300 points in the first hour of trading, SG gains around +8 points, pretty bullish day. I am watching for any possible entry to Long SIMSCI. With this type of big gap opening, patience is needed if one is to day trade. It might end up as a boring day with no trade setup completed.

No trade 29-June-2006

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

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.

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.

SIMSCI 27-June-2006: TIMSCI looks better

[photopress:TIMSCI_5_full.jpg,full,pp_image]
I am having some problem day trading SIMSCI. I should say, it is a little bit difficult to find trading opportunity within the day. First problem lies in volume, for example, in the first two hours of trading today, less than 1000 contracts were traded. Secondly, intraday volatility is not impressive enough to generate attractive potential reward.

I do not have trading idea for SIMSCI yet. Instead, TIMSCI (MSCI Taiwan) futures caught my attention. It is a volatile index, and traded in pretty good volume. Intraday chart looks good with trading opportunities.

Another quiet day for me, watching the market. This month’s profit target seems to be too far for me to reach. I am studying and adjusting the figure for next month.