Today's actions reminded me that trading the market is never easy. A bullish rally today came unexpectedly although i'm bullish about the market. Infact I thought it should come within these 2 weeks. Histogram on the weekly chart is in a great position to form a bottom. Next week is 3Q GDP and the beginning of corporate earnings. However, I am reminded how the last 3 weeks, we had bullish rally fizzles out when STI hit 2325. Today it closed at 2323....very close. If it can close above 2325 convincingly, 2400, here we come! Most would have expect the rally to continue tomorrow. But I had seen how next day can close back down by more than 10 points. Today's rally was lead by property sector again. Notice how this sector keep popping up? If you have not put your money on one of the property counters, do so before you find yourself missing out on a major move. So far I have a very wonderful position and am looking forward to the next pull back to add more. I'd look silly to have taken profit at Keppel Land too soon. Indeed, trading is never easy. What I can console myself is at least I have started to turn in profits instead of losses.
Simsci wise, it close on it's resistance 2748 today. I will be keeping a close watch on the volume and price actions of bluechips to determine if I would short simsci contract. Otherwise if all is bullish, we could see simsci trying a 2772 soon.
Reading past posts, I can see myself getting less aggressive and greedy. I always remember psychology, system & money management is the 3 great pillars of trading. Now I have the 3 working very well for me, no wonder I am no longer losing money. Everyone paid tuition fees when they begin trading through to the time they can trade good. I'm glad mine came earlier at a cheaper costs. Stock market is never easy, be less aggressive and patience had worked for me. If price is too high, no matter how attractive it looks, there are 699 other equities waiting for you to pick. Or I will wait for pull backs.
Most charts look like at a point of no return. Too high in my opinion. I rather wait. Did you notice the charts i post so far has a great degree of accuracy? and that most are big movers? It is not luck nor coincidence. Rather, it is because I post charts of high odds of a breakout after following them closely for the past months. So you can be assured, chances of 1 day wonder stock is rare here. : )
By the way, those who do not believe in T.A, can I just add, T.A is not a crystal ball. Yes it judges base on what already happened and the past does not equals the future. T.A for me is the story of human emotions on the charts....fear, greed & hope. If you can analyse the sentiment correctly, you will be able to capitalise.
