Technical Analysis – 6th Nov 2008

Good evening folks. A lil round up before I head off work and all. I was bored today. Utterly bored. I looked at the the live HSI chart and it was terrible in the morning. But in the afternoon, something seemed to be forming and it got me excited so I waited for it to form. Wanna guess what formation it is?

 I saw it form! Got excited and decided to play an intraday trade. This was around 3pm plus already. Yes I was bored… and this was exciting enough. So I got my put warrant once it cracked below the neck-line.

And this is what happened within 30 minutes. You see multiple bear flags before a double bottom which happens to be my target. My first intraday trade! So fun! I am hardly a day trader cause I cant’ stand staring at the screen throughout. But hey this beats watching football or F1 or wrestling even anytime! I have to admit it was all for fun and it was so much fun, somehow I looked at the day charts and it didn’t give me any reason to close my puts. Technically as a day trader I should and I must, but I am not a day trader what, so I decided to carry it over.

On the STI, pretty strong finish which looking at the volume was fairly decent but seems to suggest some short covering at the end. Ezra was darn bullish! Maybe it may trigger a long signal soon I don’t know.  I do think we should be done with all these by early next week latest. However if supports begin to crack then we will have re-evaluate that again, don’t we? My personal style is to look for confirmation of a break. This is through experience, the painful way. But I have learnt. Imagine if I closed all my shorts yesterday morning. Today I opened my trading screen with only 1 thought in mind. Watch SGX very closely… It is still supported by 20MA.

I scanned through the charts with the scanner and my favorite rule pointed out a few charts. Yanlord looks interesting. Triggered a short signal. Nice chart. Lousy volume on the up swing, reversal seems confirmed. But phillips has no scripts. So if you guys got other platforms, you guys may wanna evaluate on your own.

Good nite all!