Opinions…
Just a quick note in case you are thinking of longing. Can it still go higher? Of course, but… a lot of counters are getting overbought again… Not very overbought, but just overbought.
At 1:23am right now. Dow is +120. Unless uncle ben accidentally spooked the market, then high chance it will gap up tomorrow This Friday is Option Expirations, therefore this week should be a volatile week.
NOL – short term irregular triangle
NOL after a massive gap down has went higher but still yet to recovered from the gap down wounds. Right now, price action is inside an irregular triangle depending on which school of thoughts. Therefore watch your support and resistance.
SGX – possible bear flag
If SGX break support of 6.75, it is possible that bear flag will be in play which targets to a price of 6.50 which coincides with the 100 day moving average and also a classical support. It would be good if there is higher volume when it breaks the support.
Waiting patiently…
Market has gone up for the last few days. And with Straits Times and Hang Seng near resistance, I will be watching closely on its price action on what it will do there. Other than that, I am just having fun scalping EUR/USD awaiting the seasonal winds.
CandleAlert updates and termination
Over the last few weeks, I received a lot of emails asking when will I be able to release the CandleAlert to the public, and yes, i have been working on it. But over the last few weeks, I noticed that the failure rates has suddenly jumped and the percentages of success is not as nice as previously. Let me show you the results backtested from March 1st 2012 till now:
Although I still use it and still find it useful because it alerts me on when to be on lookout, I am not able to release it to public because the success rate has dropped to 50%. With 50%, one might as well use a coin toss to decide up or down, right? But because I have technical knowledge, I still find it useful and “manually” decides if it is a trade worth entering. If I release it to public, it will create a false perception and a lot of people will blindly follow it without knowing why.
That’s why I decided to take the hard step of not releasing it as it is just too dangerous. I was hoping that I could create a tool that people can easily use and perhaps make money out from trading, but I guess I set my goals just way too far. I guess that there is just no short cut to making money. And what they say is right: Sooner or later, all robots will fail…
Thank you for your support and my apology for making everyone waited for this CandleAlert release but I have decided to abandon this project.
Hang Seng Index
I will be watching how Hang Seng will be behaving around 21300. If it displays bearish candlestick, I may consider entering some short position.
FirstRes – a counter that refuses to die
Today FirstRes closed at historical high and looks poised to climb higher. For those that are shorting this counter would have hit the cut loss level or if tomorrow kept on going higher, one would have to seriously consider cutting loss.
Mar 12, 2012 Weekly Singapore stocks with Jonathan Tan
It was a good Non-Farm Payroll but the technical Greek default spoils the party. So moving forward what will need to watch out apart from Federal Reserve meeting on Tuesday, Option expiration on Friday? Can Singapore stocks break out from its resistance to go even higher or the dark clouds over the horizon are getting closer? Find out what it is in this week video edition.
Remember to let your friends know about this video, ChartingAcademy.com, Facebook and weekly webinar (Thurs 10am). Thanks.
Straits Times Index – Support and resistance level
Straits Times has a short term lower high and lower low. Which means the for a potential change of trend, STI would have to go and closed higher than 3000 to create a higher high, which is also the psychology level.
Osim – reaching strong resistance
Osim has formed a lower high and lower low. If this is a technical rebound, then the resistance to watch is 1.185.
