Thursday, January 04, 2007

Market Gives Up Earlier Gains

Review of last night's trades. Looking at where I signed off last night, my shorts were valid. Unfortunately, the signals came right after I retired to bed. Bummer! Last night's session gave us 2 Legs of a Bull Break on the TREND Chart. It breached last PRIME Support of 1426.25, thus giving us Leg 1. And at the close, the pull back in PRICE gave us Leg 2 (Lower High). Will look out for failure in this up move (no failure as yet but a Minor PPF of Resistance, on the Trading Chart, may just be setting up right at the close of last night's session), coupled with the TREND Chart to point down, to go SHORT tonight.

10:37pm Was about to go SHORT (PRIME PPF, on the Trading Chart), but the drop was so fast that I didn't even have time to sell ! A 3 1/2 pts drop in less than 60 seconds.
10:41pm PRICE is a little messy, at the moment. Might as well wait until the reports are out at 11pm (S'pore Time).
11:02pm Series of PRIME PPFs on the Trading Chart - Consolidation. Have to get a clearer picture before taking the next trade.
11:05pm We have broken to the downside. Wait for a PPF to go SHORT - TREND Chart still pointing down.
11:17pm Still waiting for a PF to go SHORT.
11:26pm Didn't take the SHORT signal as TREND Chart has hit PRIME. We could possibly see a interim low here, if we get a Minor PPF of Support.
11:35pm SHORT 1421.75 / STOP 1422.75
11:44pm STOPPED 1422.75 / -1.00pts. Didn't take the profit given. Was just too complacent.
12:17am Took a SHORT earlier...didn't have time to write on the blog. Got STOPPED out at -0.25pts. Not very good trading so far. Will have to buck up.
12:25am Last Trade. LONG 1425.00 / STOP 1424.00 - Reason for the LONG? Trading Chart is in PRIME & TREND Chart still pointing up.
12:34am STOPPED 1424.00 again! - 1.00pts. Man, today is just not good for me. Will have to see what has gotten into me. Will end my session here. 3 Trades / 3 Losers

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