My personal opinion…
Apologies for not posting much lately as have been very busy doing lots of stuff… (note that there will be no webinar tomorrow and CandleAlert release is temporary re-scheduled). With so many deadlines being missed including wanting to launch my very good product for traders in this website, it is really frustrating, but then, you are not here to listen to my frustration…
So, now about the market.
Market is still overbought but did not have a significant follow through confirmation to the downside. It can happen anytime, but that anytime have not been coming for the last 1 month. Market is just waiting for major bearish news but so far, every news is “bullish” and excuse for it to go higher. Therefore, if you are in long position, do set a trailing stop. And if you are now thinking about longing, you have to understand your risk is very high. Sure, you can make money in long position, but your risk is very high. To short, well, as long as you set your cut loss to previous high, you are safe enough. Today Straits Times engulfed the last 2 candles, maybe this is it. Therefore I cannot fault you for opening your shorts upon confirmation tomorrow but just remember where to set your cut loss. Next lower high would be the safer place to short but that would be at least several weeks away. Don’t think a lot of people will be that patient seeing the number of emails that I have been getting pressuring me to post shorting counters. Apologies if I am not able to reply to all of them because I am just too swamped. I will still try to post nice counter in this website, ok???
Another thing I noticed today is that marine and offshore looks like breaking down. Well, penny counter already a lot broke down liao. Properties looks like at resistance but banks are still strong. Therefore the sector to watch is banks if you are thinking to short. If bank starts to lose energy, quickly look for what counter to short. Remember, go for the weakest counter as it is easier to eat a weaker stock.
Now, if only I know of a way to clone myself, I would be a very rich man…
SGX – Bullish pennant in the making
SGX is displaying a bullish pennant. Therefore watch to see if it can break the resistance of 7.30, preferable with high volume.
Webinar is cancelled tomorrow
Apologies for not posting much as market is overbought and no signal to short previously. Yes, overbought also can go higher but the risk and reward is not that good. Unless you can take the high risk, or else it is better to stay away from the long side. That’s why I have not been posting much on the long side. To short, well the signals are there but it is not that clear. Hang Seng got 1 big black candle. Closing above or below that candle should signify where the market wants to go.
In addition, I am up to my neck with so many things to so. Which means I am not able to hold a webinar tomorrow. Plus I have yet to find a chance to look at the CandleAlert bearish bug. Therefore, the CandleAlert is not ready for release. Really sorry about it as time is really tight for me. I am only a one man show, therefore please have a little patience.
Therefore in summary: no webinar tomorrow and CandleAlert is still not ready for release.
If you have not watch this week’s YouTube recording, now would be a good time to watch it…
High chance of a volatile day…
With Greece decision has yet to be made, there will be a lot of rumors flying around here and there. Which means market is going to have a lot of whipsaw until perhaps tonight. Even if the decision has been made, the whipsaw should still continue for a while as market will have to judge would it be good or not good, good for now bad for future, or bad for now good for future, or worse, bad for now, even worse in the future. As of now at 9:45am, hope is building that there will be good news. Could it be also sell on news then?
So, basically know your support and resistance. For market to go higher, resistance have to break and for price to go lower, support has to break. That’s the technical part, the easy part. But what affects us is the emotion, how we can control our fingers. Therefore, behave like a human, trade like a robot. I understand that would not be easy but you just have to start to try.
Hang Seng bear charged
Hang Seng today got hit by the bear and it engulfed Friday’s candle. And it is also a previous support broken now turned resistance which is also a falling window resistance. Watch tomorrow for a confirmation to the downside as there is no signs of Dow Jones tonight as it is a public holiday in the States.
CandleAlert Feb 17, 2012 EUR/USD 5 min signals
Below are the signals generated by CandleAlert for EUR/USD 5 min chart. To see the complete picture, please click on the picture. Notice that there are some that did not hit the entry trade. The “hammer” at 13:45 just missed ringing the alarm by 0.00003 for a massive profits. Overall for Friday, in theory would be 4 profitable trade, 1 cut loss and 2 no entry.
Do take note that there are no money management in this alarm, therefore the alarm does not know when to take profit. I just code it to take profit at $6++. Still working really hard to get this release as soon as possible.
Feb 20, 2012 Weekly Singapore stocks with Jonathan Tan
Buy, buy, buy. That’s the market sentiment everyone is talking about. Singapore stocks including US are extremely bullish. Greece seems to be like no issue. There is total no signs of any bears. This is still winter season, could the bears are still in hibernation? 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.
Feb 16, 2012 Mid-Week Singapore stocks with Jonathan Tan
S&P finally had a bearish engulfing this morning. Will there be a follow through for profit taking? Does Bradley turn date really that strong stating profit taking will start now till Feb 22nd? How will that affect Singapore stocks? Find out what it is in this week video edition.
Remember to let your friends know about this video, Facebook and weekly webinar (Thurs 10am). Thanks
Feb 16th 10:00am Mid-week Market Review (Open to everyone)
It is a knockout. The bull wins. Is there no one that can challenge this bull? Or the prophecy says that there is the One, the one that starts with Aunty… Find out in this webinar. All you need to do is click on the link below about 10 minutes before it starts. And feel free to share this webinar with your friends.
Click here to access the webinar.
Yoma – smells fishy
Yoma, after flying higher, over the last few days have been consolidating. Today’s (Tuesday) candle and volume looks suspicious, especially after yesterdays bullish engulfing and somemore with good volume. Today, it is black small candle but the volume is higher than yesterday but the price range is smaller than yesterdays. If you have long position, the price to watch is 0.38. Breaking below 0.38, Yoma may be a goner.
