9.30 a.m. - Malaysian Time
9.55 a.m. - a little bit of updating
Last week saw 4 days of black bars and a day of white bar. If you are familiar with the so-called "swing" strategy which says that ' If you see a few days of black bars / white bars ( above 3 acending/decending bars - these bars must be among the potential 'reversal' bars ) and then comes a day that beats the last highest/lowest bar, buy/sell at this point ".
Monday to Thursday were the days where the 4 decending black bars dominated the market but Friday was the day where it beat up the last highest of the Thursday's bar. Bingo! If a buy had been placed here ( at 2360 ), you may have ended up with some profits. So if you happen to see this scenerio again, JUST DO IT!, I would say you would be right probably about 80 to 90 % ( .....err ....well, may be about 75 to 85 % ..... errr.....may be about .... ) .
Today, I am not in a good mood ( I am just an ordinary human being too ) , so let's just be brief;
The market, in long run is still bearish but the the very very short term is bullish, ;
1) If the market opens between 2323 to 2380. Buy after the merket has dropped to 13 points after the opening. Becareful of the false alarm, stop loss etc. If the drop is less than 10 points, buy after the market has moved up 5 points above the opening point. If the market beats the level between 2392 to 2398, the market may go further up especially if the market opens more towards the upper side of the 2323 to 2380 levels. If the market beats down the level between 2302 to 2308, the market may go down further especially if the market opens more towards the lower part of the 2323 to 2380 levels.
2) If the market opens between 2380 to 2392. Buy after the market has moved up beating the level between 2392 to 2398.If, again, the market manages to beat up the level between 2431 to 2438, the market may go further up and may end a white bar today or at least a part of the trading day.
3) If the market opens between 2313 to 2323. Sell after the market has beaten the level between 2302 to 2308.If the market manages to beat down the level between 2286 to 2291, the market may go further down. If the market retraces further passing down the level between 2265 to 2270, the market may go down further. As usual, if you see any profits, for safety sake, just liquidate it.
4) If the market opens above 2432. The market may go further up ( Currently, I don't know where to buy at this point ) and a white bar may be formed today.
5) If the market opens between 2287 to 2312. Sell after the market has moved up a "bit" and retraced 5 points below opening level.( see my previous postings for the word " a bit " )
6) If the market opens other than the above, it is your call.
7) If you are fimiliar with trendlines, look for 3 tops/bottoms , head and shoulder etc. If not , just stay away
8) Please refer to # 9 ( Thursday's Tips dated 26th June )
9) Also refer to # 9 and #10 ( Tuesday's Tips dated 1st July )
As usual, if not sure, simply contact your broker, never to contact your sister-in-law cum lawyer.
Have a nice trading day!