Saturday, February 16, 2008

Friday's Performance

Saturday - 16 Feb2008
11.00 p.m. - Malaysia time zone

The market on Friday open at 3544 and closed at 3484. The highest was at 3544 and lowest was at3474.

As I mentioned on last Thursday's nite that if the market open above 3484, it may lead to a fall. It seemed that it did fall to 70 points. I also mentioned to take position only if the market open between the range of 3479 to 3440. If the market open not within range or if no position was made after the opening of the market then a person can look for a clear pattern of the trendlines during the actual trading of the futures.

There was one very clear pattern of inverted Head and Shoulder which occurred between 12.00 p.m. to 3.35 p.m. If this position ( a buy position) had been placed , there would have been a profit of about 10 points. In fact , it was quite a "safe" position to take because it took about 1/2 hour for the market to reach at that 10 points level.There was no other clear pattern recognised because the market was really on the verge of falling and falling.

As for Monday, due to some reasons, I am not able to make any forecasting today but what I like to say here is that there is a gap between last Friday's black bar and Thursday's white bar. Do you think you know what this means ?

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