10.10 a.m. - Malaysian Time
Yesterday the "swing ' strategy did it again ( refer to my posting on 15th September) but with a small profits. As a day trader, profit is still a profit.For the past 5 days, there were days of 3 acending white bars. On the 4th day, a black bar occurred but it did not beat the lowest of the previous bar but yesterday was the day when it beat down the lowest bar ( of the 4th bar ). So if a sell had been made at this point, a profits of about 20 points could have been able to be made. So if you see this again, JUST DO IT !.
So to be brief, the market is bearish now but the very very short term is bullish, so ;
1) If the market opens between 2320 to 2347. Buy after the market has dropped 13 points after the opening hour. If the market beat down the level between 2298 to 2305, the market may fall further and a black bar may be formed today or at least in the early part of the trading day. This would be more prominent if the opening hour is more towards the lower part of the 2320-to-2347 levels.If the market beats up the level between 2362 to 2368, the market may go up further and it may be short lived. This would be so if the market opens more towards the upper side of the 2320-to-2347 levels. If the opening hour is within the 13 points (or lesser than that ) from the level between 2298 to 2305, just be extra careful, the market may go against you.
2) If the market opens between 2347 to 2357. Buy after the market has passed up 2362.
3) If the market opens between 2310 to 2320. Sell after the market has passed down the level 2306.
4) If the market opens between 2285 to 2305. Sell after the market has moved up a bit and then retraces 5 points below the opening hour. It would be more prominent if the upwards movement is less than 10 points.
5) If the market opens between 2362 to 2382. Buy after the market has dropped a bit and moves up 5 points above the opening hour
6) If the market opens lower than 2285. The market may retrace and if the level between 2240 to 2246 are broken the market may go further down
7) If the market opens other than the above, it is your call, I simply have no idea!
8) Also look for trendlines such as 3 tops/bottoms, head and shoulder. If not sure , just stay away.
9) Please refer to # 9 ( Thursday's Tips dated 26th June )
10) Also refer to # 9 and # 10 ( Tuesday's Tips dated 1st July )
As usual, if not sure, just contact your broker
Have a nice trading day