Monday, March 17, 2008

Monday's Direction

Monday - 17 Mac 2008
9.20 a.m. - Malaysia time zone

The market on Friday open at 3798 and closed at 3686. The highest of the day was at 3837 and the lowest was at 3670.

The market open not within the range which I have mentioned earlier on ( between 3807 to 3900 ) but open under the level of 3805 which , on later part, retraced further down after beating the level 3788 just like what I have mentioned last Friday.
The market open at 3798 and then started to retrace down to 24 points and then moved up to the highest of the day at 3837 and then moved down and closed almost to the lowest of the day.The movement of the market, in the early part of the trading day, was tally to my prediction except that the opening was not within the range of my speculation.There was also a clear formation of 3 tops, the 3rd top was between 11.00 a.m. to 11.30 a.m. This formation also looked like the formation of head and shoulder except the second shoulder was not that prominent. Those who had taken a short at this 3rd top might have made quite a handsome profits.There was also a "calm" period from 4.00 p.m. to 4.30 p.m. which looked like the market was about to go up. At this point, if a buy position were to be placed , a loss could have occured. On the whole the market was volatile and the spread between buy and sell was quite high between 3 to 10 points.


Earlier on , I said the market was in a consolidation or sidelines phase unless if the level 3680 was broken. In fact this level was broken at the end of the trading on last Friday. So I would say the market now is in bearish situation and the sidelines phase could be over. So today I expect the market would retrace further down, at least in the early part of the day ,and could end up a black bar. Anyway,If the market today ends a white bar and closes above 3700, the sidelines may still be around. As for today, those who have been following my blog would probably have the idea of how to enter the market. So good luck!

P/s. I received an e-mail asking me about the fisrt beating and lightning strategies.
Since this blog is limited in its capacity where the need to draw charts is not possible, I think I am not able to explain , at
least, for the time being.