I started this when i was 24 years old and broke. Now at 39 and financially comfortable, i am trying to come back to blogging. At 24, it was trading and going for quick profits and building equity top of my priority. By the way, i won't care much about my language or grammar, so please excuse me for this. Now at 39, with aging parents, two young kids, trading taken a different perspective. I no longer have the risk appetite, no wonder they say as a man ages - balls shrunk. Ok this blog, as i am writting, primarily i will be sharing my thoughts which are random. It could be stocks, market, FX... life in general... illness...etc... I am already preparing myself for the next 10 years - demise of loved ones is unavoidable and my biggest problem is, i have alot. I will deal with that later. But for now, we talk market.
From October till December, i traded Gold to maintain my sharpness. Leaving the FX trading to the algos we developed. Stocks wise, i developed a method of only participate when there is wide spread strength. Some time last week, at last i saw some buying interest... and taken up a position in ChipEngSeng. The first of many which i am tracking. 18th Dec the volume caught my attention. The subsequent pull back showed very low level of participation. This low participation is expected since it is the holidays. But that doesn't mean the market won't rally. Anyway, i trade alot based on setups rather than market views. I think that suit my style. Although at events, i still have to be market news savvy so the traders are updated, but really, i hate to glue my eyes infront of screen all day long. So no trade setups, i won't place any orders.
I am still looking forward to the day when volume returns and which direction the market takes - that should be key to the next few weeks. We are at the lows... so the position size right here should be significant to take advantage. I always told the guys, we analyse and wait for so long, in the end, if we are right about the direction, our position size should be significant enough so that the rewards is equal to our efforts.
As for gold, i am watching the rising wedge on 4HR chart. I am a big fan of chart patterns. With patterns, it either breakout as what the pattern suggest or more importantly "failed breakout" - which is one of the most tradeable setup. Just let the price and candles guide us.
There, my first post in the longest time. Leave a comment or ask questions if you'd like. Lets do this together.
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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.
