14 April 2008
9.15a.m. - Malaysian Time
9.35 a.m. a little bit of updating
Last Friday, the market open at 3480 and closed at 3454. The highest was at 3500 and the lowest was at 3425. It was a black bar and was 1 point lower than the day before. No comment on that.
In a very short term , the market is in the bearish position.As usual, the strategy that I use here depends so much on the opening of the day.
1) If the market opens between the points of 3435 to 3484 and then starts to move upwards , sell after it has reach 12 points from opening .Donot forget to put your stop loss of about 10 to 20 points, should the market goes against you. Be extra careful if the market opens more towards to the high of last Friday's bar because if the market manages to beat the 3505 and above, the market may go further up and a white bar could be formed today. If the market opens more towards the low of last Friday's bar and manages to beat down the level 3420, the market may retraces further down and a black could be formed today. The best is still if the market opens within the middle of last Friday's bar
2) If the market opens above between 3495 to 3505, the market may go up further and a white bar could be the result today. Buy after the market falls to about 12 points from opening. If the market falls a little bit ( not less than 5 points ) and start to move up back and beats the opening of about 3 points, buy here!
3) If the market opens below between the level 3415 to 3425, the market my fall further. Sell after the market rises to the level between 12 to 20 points from the opening.
4) If the market opens above 3506, it is your call - (Probably the market may go up further if it opens between 3507 to 3526)
5) If the market opens below 3425, it is your call. May be you can look for 3 bottoms / head and shoulder after lunch.
6) If you are not entering the market, as suggested above, then look for trendlines which you are familiar with.
In day trading, sometimes you exit from the market as quickly as you enter the market or sometimes you have to a while longer. If you have a lot more money in your pocket, do not simply buy/sell 1 lot, buy more than that. 10, 20 , 30 100 what ever. If make it, you are ...... if not you are ......what ever.....
As usual, it's only my forecast, I may be right and I may be wrong, I have been wrongs for many times, so are my "rights".
If you are not sure , consult who ever you feel like wanting to.
Have a nice trading!