I am feeling really satisfied as i see my profit grew over the last few days. The timing was inch perfect. The day, i confessed about being losing passion and trying hard to re-ignite my passion, market started to break downwards. I done my homework and all 3 short positions are into profits. Today I cashed out on Noble Grp after 1.85 support refused to crack. Look, i could have taken my profits at a much lower price at 1.79, but nope... I am not God and i cannot predict so accurately that 1.79 is the lowest and best price to take my profit. I can only take when i am convinced Noble group may have a sustainable rebound. I also checked the weekly charts, rebound looks probable. Another thought is, oil price has been heading down, nothing goes down one straight line. Hence the rebound may stir interest in commodities again thus inflict a rebound in Noble. The wise man has this saying, "Profits on the table doesn't belong to you. Profits in the pocket in yours."
These few days, the pattern has been late selling after a brief rebound around lunch time. Traders trading intraday may have been caught off-guarded. I prefer to focus on 2 timings, namely the opening hour and the last hour... from my experience... how the market close is more important than the intra-day swing. Moreover, most of us are working employees hence, we shouldn't be trading intra-day. Face it, do you dare quit your job and trade intra-day full time? This is a valid question as if you are caught trading office hours, you will loose your rice bowl sooner or later. Look, if you bother to read through my blog, it is not hard to notice that, i am trading "End of day" charts. I don't even trade intra-day yet i can still create my wealth from the stock market. Why? This is because, like you, i was once a working employee... i tried to trade intra-day, i can't focus on my work and it suffered. Hence i adjusted my style and began to do position trading. Which means, buying at attractive levels and ride the trend. Of course if there is no trend to speak of, then a profit target must be in place. Even as of now, although i am doing this full time, i am still trading end of day chart. I got so used to it that it became hard for me to look at intra-day. The truth is, intra-day is about scalping. This is where you have to win many many times to see the money. For Position trading, the profit taken is often in huge chunk. Furthermore, the price swing is lesser and volatility is lower, thus is more forgiving for complacency in trading.
With 2 trading days to go, i set my sights on HSI.. the 21k support is coming up....
From the course strategies, there are quite a number of stocks that may see significant rebound. I will be looking for support turns resistance or fibonacci to short again.
DISCLAIMER: The contents in this website are for fun reading and must not be taken as a buy or sell advice. You must do your own analysis on top of my postings. By reading this blog, you agreed that i am not responsible for your trading.
