Day 2 of pull back !
Day 2 of pull back ! This time by 41.93 points. Both days combined, -74 points.
In the past, I would have gotten ready for opportunity trades using setup such as STS, 3~5 bars drop or other swing trade method to take advantage of possible technical rebound. However, I am cutting back on my trades since early July. From March to June, I have been generating about $800 per month of commission for my broker ( based on 0.145%, $25 min ). Almost everyday there is a trade! I think I am making too many trades and ought to scale down. That's why, I am more picky on my entry this time. If not, everyday there is trading opportunity.
STI is at the verge of triggering Parabolic SAR sell phrase. RSI over bought situation has eased but still have room for further downside. I will pass on the technical rebound play ( if any ) and focus on better entry ( probably take 1 ~ 2 weeks or beyond because the market won't move in a straight line ) should the index continue to correct further. However, the odds of a 5iii, 5iv & 5v recount still exist unless the index continue to plunge heavily from here.
In the past, I would have gotten ready for opportunity trades using setup such as STS, 3~5 bars drop or other swing trade method to take advantage of possible technical rebound. However, I am cutting back on my trades since early July. From March to June, I have been generating about $800 per month of commission for my broker ( based on 0.145%, $25 min ). Almost everyday there is a trade! I think I am making too many trades and ought to scale down. That's why, I am more picky on my entry this time. If not, everyday there is trading opportunity.
STI is at the verge of triggering Parabolic SAR sell phrase. RSI over bought situation has eased but still have room for further downside. I will pass on the technical rebound play ( if any ) and focus on better entry ( probably take 1 ~ 2 weeks or beyond because the market won't move in a straight line ) should the index continue to correct further. However, the odds of a 5iii, 5iv & 5v recount still exist unless the index continue to plunge heavily from here.
Labels: Trading Digest
posted by Market Wizards @ August 05, 2009
Comments: 0
