Friday, March 14, 2008

Friday's Market Movement

Friday 14 Mac 2008
9.45 a.m. - Malaysia time zone

The market yesterday open at 3764 and closed at 3798. The highest was at 3875 and the lowest was at 3723.

The market open within the range which I have forecasted but ,after opening, the market went up not to the expected level. The market went up only for 7 points ( not 14 points to 30 points ). It later went down in a fast rate breaking the points which I have "suggested" at 3734 ( actually 3723 ) but did not break the level 3679. Had this level been able to be broken, the market would have gone down further. In the early part of the morning , the market was in bearish situation but after touching 3723, the market started to move further up to the highest of the day at the level of 3875. There was also not a clear pattern of any trendlines that could be recognised except at 4.00 p.m. to 5.00 where there was a blur formation of head and shoulder.Those who have taken a position to sell here might have made some good profits as the market started to retrace to lowest of the day.


From the movement of the market , currently, I believe the market now could possiblily be in the consolidation or sidelines manner. Unless if the market manage to break the level 3890 and above or 3680 and below then the market would be in the clear direction. Any way, I would say the market is still in the bullish sentiment, at least in the early part of trading today ( If the market opens within the range that I would be suggesting);

1) Take position if the market open within the range of 3807 to 3900. If the market open within this range, buy after the market falls 15 points to 31 points.Do not forget to put your stop loss between 15 to 20 points after your buy position.The best is to use lightning or first beating strategy to ensure to get the best possible position.
2) If the market opens below 3805 and below and later passes down the level 3792 to 3788, the market may retrace further.
3) If the market opens 3770 to to 3790, sell after the market moves up between 15 to 27 points ( after opening , off course ). Put a stop loss here.
4) If market opens below 3770, the market may ends up a white bar today.Well, you can choose to buy here if you want to but I think the risk is quite high.
5) If no position taken after opening, look for "clear " formation of trendlines, if the pattern is not clear , just ignore them

That's my speculation. Not sure? Consult your doctor, er... I mean your broker. Have a nice trading

No comments: