Recalling all the signs of this massacre, although I must admit I did not anticipate such a fierce selling. The signs were, banks started to move, this was related to me by an experienced trader, he warned to watch out if banks start to move. You may find the records on May 1st article. The next sign was Elections. I have studied and noted that market will retrace and even corrects for the first 2 years after elections. Never thought it came so fast and furious. The third sign was no good chart patterns found, most are extended very far and the risk was very high. What I did correct this time round as compared to last year was trimming down my stocks as elections approaches and taking my profits post elections.
Alright, no picks for tonight, let's watch how the market unfolds as it is near it's 200 MA.
STI Chart, Click to open the chart. As we near the 200 MA, as soon as we successfully tested it and market is trading closely to the 200MA, I will start to buy small. I take reference from previous experience when market touches 200MA and then rallies off it to new highs.
P.S Xiao di me aka Decipher upon invitation of Chartnexus will be presenting to you how I use Chartnexus and XpertTrader module to scan the market for Quickpicks. For more details, you can click the banner right on the top which says, "Maximising Through Technological Advantage". : ) The objective is to see you walk out of the training knowing how to use XpertTrader to find your own QuickPicks! :D
