My Trading Plan
SPC:
First, let me get rid of this "cake sim" one first!
The breakout I have anticipated finally took place today ( +26 cents ), not until I have exited the position on last Friday. If I said I can take it easy, I am lying ( it means $1,000 to me ). However, if time could be rewound, the outcome may still be the same. I did not want to carry the trade over the weekend because STI is trading nearer and nearer to the resistance. It is a matter of risk/reward ratio and money management. I did not expect STI to be so resilient anyway. Furthermore, my contra period is due soon so I was willing to square the position on last Friday with a small gain. Sigh !!
First, let me get rid of this "cake sim" one first!
The breakout I have anticipated finally took place today ( +26 cents ), not until I have exited the position on last Friday. If I said I can take it easy, I am lying ( it means $1,000 to me ). However, if time could be rewound, the outcome may still be the same. I did not want to carry the trade over the weekend because STI is trading nearer and nearer to the resistance. It is a matter of risk/reward ratio and money management. I did not expect STI to be so resilient anyway. Furthermore, my contra period is due soon so I was willing to square the position on last Friday with a small gain. Sigh !!
Golden Agri:
I believe this is a valid symmetrical triangle breakout judging from the pattern, time & volume. CCI is currently at overbought so this may tally with a throwback ( or return ) typically seen in chart pattern breakout. If the throwback don't close below 0.30 and continue to rally from there. The pattern is complete and the minimum target shall be 0.38. Symmetrical triangle is a continuation pattern. Since the prevailing trend was uptrend, the max target can be the entire uptrend.
Again, if the prices close inside of the triangle again, the pattern & breakout become false one.
I believe this is a valid symmetrical triangle breakout judging from the pattern, time & volume. CCI is currently at overbought so this may tally with a throwback ( or return ) typically seen in chart pattern breakout. If the throwback don't close below 0.30 and continue to rally from there. The pattern is complete and the minimum target shall be 0.38. Symmetrical triangle is a continuation pattern. Since the prevailing trend was uptrend, the max target can be the entire uptrend.
Again, if the prices close inside of the triangle again, the pattern & breakout become false one.
The following four counters are what I will be eying at if the market retrace. The 1st, 2nd & 3rd levels of support are marked in the chart. Given the bullishness of the market, we may not be given the luxury ( Capland, especially ) to see the 3rd support been touched ( I guess ). Anywhere between the 1st & 2nd support, which will tally with 10 & 20 moving average, could be potential entry. I will probably time the entry by examining the daily chart during intra-day ( using NextView or SI Station ) and try to enter when CCI touching oversold.
I know I should not "anticipate" or "hope" and ought to be objective. But somehow, I hope the market can either retrace for a few days or if it is a one day affair can be heavier. Reason, I feel safer to buy on dip if we are further away from the resistance.
STI closed with a spinning top today at evening star position ( can't say for sure is this a shooting star ). Based on candlestick pattern, this is bearish ( rejection, selling pressure ). However, the recent rally has frequently made me a fool & sometimes a clown so I shall not draw any conclusion but let the market unfolds !!
I know I should not "anticipate" or "hope" and ought to be objective. But somehow, I hope the market can either retrace for a few days or if it is a one day affair can be heavier. Reason, I feel safer to buy on dip if we are further away from the resistance.
STI closed with a spinning top today at evening star position ( can't say for sure is this a shooting star ). Based on candlestick pattern, this is bearish ( rejection, selling pressure ). However, the recent rally has frequently made me a fool & sometimes a clown so I shall not draw any conclusion but let the market unfolds !!
Labels: Stock Pick
posted by Market Wizards @ April 06, 2009
Comments: 0
