Capitaland - watch for exhaustion to short; low volume seals the deal (CP:$4.05, Vol: 8,900, VPH: 1,369, ATR: 6)
F&N - watch for exhaustion to short; low volume seals the deal (CP: $4.66, Vol: 2,800, VPH: 431, ATR: 8)
Ho Bee - seesaw, watch for 4th rule, short to cover end of day (CP: $1.85, Vol: 590, VPH: 91, ATR: 3)
IndoAgri - gap and run, to buy on gap up with high volume (CP: $2.22, Vol: 9,720, VPH: 1,495, ATR: 6)
Monday, March 29, 2010
The Setback
RL versus VL - it's the same old story all over and over again.
Today I was told yet again that I live my life in phases. One thing catches my attention, then I lose it because something steals my attention away, and then something else.
Well, maybe.
But it's not going to stop me from trading in June. And while it's been awhile since I did some actual work, I have excuses! Valid ones!
Work has been taking up a lot of my time, but that shouldn't stop me from doing homework at least, so I'm going to try to keep this up for as much as I can. Inbetween this and the stuff that pays the bills, it'll be quite bit to keep me occupied.
Here's an update on the progress so far - I've made a few good calls (two to be exact) thanks to the guidance of Mr Miyagi. Cut quite a bit off the red, and we're getting there. Mr. M caught up wih me and introduced a new indicator - the Force Index. Nothing to do with Starwars and shit, but it gives us a pretty good indication on the dominant opening forces (i.e. weak hands buying or selling).
I've yet to give it a try, but from the pictures on his blog, they seem to work.
So here goes - the schedule for work tomorrow is packed, but I'm going to do a round of homework anyway.
Fingers' crossed.
Today I was told yet again that I live my life in phases. One thing catches my attention, then I lose it because something steals my attention away, and then something else.
Well, maybe.
But it's not going to stop me from trading in June. And while it's been awhile since I did some actual work, I have excuses! Valid ones!
Work has been taking up a lot of my time, but that shouldn't stop me from doing homework at least, so I'm going to try to keep this up for as much as I can. Inbetween this and the stuff that pays the bills, it'll be quite bit to keep me occupied.
Here's an update on the progress so far - I've made a few good calls (two to be exact) thanks to the guidance of Mr Miyagi. Cut quite a bit off the red, and we're getting there. Mr. M caught up wih me and introduced a new indicator - the Force Index. Nothing to do with Starwars and shit, but it gives us a pretty good indication on the dominant opening forces (i.e. weak hands buying or selling).
I've yet to give it a try, but from the pictures on his blog, they seem to work.
So here goes - the schedule for work tomorrow is packed, but I'm going to do a round of homework anyway.
Fingers' crossed.
Thursday, March 18, 2010
18 March 2010 - Capitaland
This morning I woke up late and had to take a cab to work. On the cab I heard the news report and the DOW was up 40 points. Sounds like good news to me! I was going to head to the office and take a look at whether our $4.18 queue was hit, then count the money and start working for real.
Everything was red, bloody hell. Mr Miyagi (the trader formerly known as Shifu Ang formerly known as Mentor Ang, the man they call the King of Volume Trading AKA the Starving Artist) informed me that the DOW was up 80 points but receded 40 points to close.
That means a failed attempt at running - something was holding it back. Maybe it was the hot weather, or it didn't feel in the mood to. Heck, maybe Mama DOW didn't allow her boy to run out and play.
But the truth was that our decisions were fluked and that we had to think of an exit strategy. Mr Miyagi, wise as he is, told me that it's no longer about how much we can make. We had to get out at a reasonable price before everyone turned desperate sellers and kept the resistance going high.
So here's the equation - you take the day's low, and then subtract the stock's ATR from it, and then drop that by a cent, and then queue. Then you check in to see if there's a new low, and then you review your queue if there is.
I checked once, and the price hit $4.04. With an ATR of 6 (I dropped it because the volume was shit) I set my queue from $4.11 to $4.09.
Got hit, and the rest is tomorrow.
The Breakdown:
Chart from Yahoo Finance.
Fig. 1. Capitaland Intraday Chart, 18 March 2010
Capitaland
Opening Price: $4.07 (-$0.03)
Previous Volume: 27,500 (VPH: 4,230)
Closing Price: $4.06 ($-0.01)
Closing Volume: 12,200 (VPH: 1,876)
Price Acquired: $3.96
Lots Acquired: 5
Break-Even Price: $3.99
Price Sold: $4.09
Transaction Cost: $112.7 ($55.44 + $57.26)
The Win: $537.30 ($0.13)
The Score So Far: -$2,505.45
P.S. Special thanks to Mr Miyagi for spotting such a gem. I will work towards stock spotting soon (hopefully). Next to come, a piece on spotting a convincing run.
In the mean time, check out Mr Miyagi's teachings on Resistance.
Danial San, out.
Everything was red, bloody hell. Mr Miyagi (the trader formerly known as Shifu Ang formerly known as Mentor Ang, the man they call the King of Volume Trading AKA the Starving Artist) informed me that the DOW was up 80 points but receded 40 points to close.
That means a failed attempt at running - something was holding it back. Maybe it was the hot weather, or it didn't feel in the mood to. Heck, maybe Mama DOW didn't allow her boy to run out and play.
But the truth was that our decisions were fluked and that we had to think of an exit strategy. Mr Miyagi, wise as he is, told me that it's no longer about how much we can make. We had to get out at a reasonable price before everyone turned desperate sellers and kept the resistance going high.
So here's the equation - you take the day's low, and then subtract the stock's ATR from it, and then drop that by a cent, and then queue. Then you check in to see if there's a new low, and then you review your queue if there is.
I checked once, and the price hit $4.04. With an ATR of 6 (I dropped it because the volume was shit) I set my queue from $4.11 to $4.09.
Got hit, and the rest is tomorrow.
The Breakdown:
Chart from Yahoo Finance.
Fig. 1. Capitaland Intraday Chart, 18 March 2010Capitaland
Opening Price: $4.07 (-$0.03)
Previous Volume: 27,500 (VPH: 4,230)
Closing Price: $4.06 ($-0.01)
Closing Volume: 12,200 (VPH: 1,876)
Price Acquired: $3.96
Lots Acquired: 5
Break-Even Price: $3.99
Price Sold: $4.09
Transaction Cost: $112.7 ($55.44 + $57.26)
The Win: $537.30 ($0.13)
The Score So Far: -$2,505.45
P.S. Special thanks to Mr Miyagi for spotting such a gem. I will work towards stock spotting soon (hopefully). Next to come, a piece on spotting a convincing run.
In the mean time, check out Mr Miyagi's teachings on Resistance.
Danial San, out.
Homework - 17 March 2010 (for trading day 18 March)
Capitaland - Sell at $4.18! (CP: $4.10, Vol: 27,500, VPH: 4,230, ATR: 9)
IndoAgri - Failed Pattern Run, requires HIGH volume (CP: $2.27, Vol: 6,690, VPH: 1,029, ATR: 6)
Ho Bee - Watch for high volume run (CP: $1.87, Vol: 3,260, VPH: 501, ATR: 4)
Noble - Failed Pattern Run (CP: $3.41, Vol: 7,880, VPH: 1,212, ATR: 7)
NOL - Gap and run (CP: $2.03, Vol: 2,700, VPH: 1,954, ATR: 5)
Yanlord - Failed Pattern Run (CP: $2.00, Vol: 9,570, VPH: 1,472, ATR:6)
Note: Write article on "Spotting A Convinving Run"
IndoAgri - Failed Pattern Run, requires HIGH volume (CP: $2.27, Vol: 6,690, VPH: 1,029, ATR: 6)
Ho Bee - Watch for high volume run (CP: $1.87, Vol: 3,260, VPH: 501, ATR: 4)
Noble - Failed Pattern Run (CP: $3.41, Vol: 7,880, VPH: 1,212, ATR: 7)
NOL - Gap and run (CP: $2.03, Vol: 2,700, VPH: 1,954, ATR: 5)
Yanlord - Failed Pattern Run (CP: $2.00, Vol: 9,570, VPH: 1,472, ATR:6)
Note: Write article on "Spotting A Convinving Run"
17 March 2010 - Capitaland
We win. A look into the history of Capitaland (Friedrich Nietzsche's Law of Eternal Occurrence strikes a sound chord here) will tell us that it's got a tendency to gap by around 2%.
This is confirmed by looking at the pre-opening market depth, with resistances at $4.14 and $4.18. With the DOW currently at a booming 44 points green at the moment, hitting the $4.18 ceiling won't be hard.
The Breakdown:
Chart from Yahoo Finance.
Fig. 1. Capitaland Intraday Chart, 17 March 2010
Capitaland:
Opening Price: $4.03 (Gap Up)
Previous Volume: 15,600
Closing Price: $4.10
Closing Volume: 27,500
Price Acquired: $3.96
Lots Acquired: 5
Break-Even Price: $3.99
The Call: Queued at $4.18 to sell; depending on morning intensity and volume, may cut earlier.
This is confirmed by looking at the pre-opening market depth, with resistances at $4.14 and $4.18. With the DOW currently at a booming 44 points green at the moment, hitting the $4.18 ceiling won't be hard.
The Breakdown:
Chart from Yahoo Finance.
Fig. 1. Capitaland Intraday Chart, 17 March 2010Capitaland:
Opening Price: $4.03 (Gap Up)
Previous Volume: 15,600
Closing Price: $4.10
Closing Volume: 27,500
Price Acquired: $3.96
Lots Acquired: 5
Break-Even Price: $3.99
The Call: Queued at $4.18 to sell; depending on morning intensity and volume, may cut earlier.
Tuesday, March 16, 2010
Homework - 16 March 2010 (for trading day 17 March)
Capitaland - Run; to hold till low intensity (CP: $3.40, Vol: 15,600, ATR: 7)
Coscocorp - 4th Rule (CP: $1.27, Vol:13,300, ATR: 5)
Ezra - Run (CP: $2.47, Vol: 3,420, ATR: 6)
F&N - Short on low volume, beware 4th rule (CP: $4.40, Vol: 1,060. ATR: 6)
Ho Bee - 4th Rule (CP: $1.83, Vol: 850, ATR: 4)
IndoAgri - Failed Pattern (CP: $2.28, Vol: 5,680, ATR: 8)
Kepland - Run (CP: $3.63, Vol: 3,400, ATR: 6)
P.S. I noticed that I was looking for shorting opportunities because I'm locked in contra for Capitaland. Someone stop me next time. SEE THE MARKET AS IT IS.
Coscocorp - 4th Rule (CP: $1.27, Vol:13,300, ATR: 5)
Ezra - Run (CP: $2.47, Vol: 3,420, ATR: 6)
F&N - Short on low volume, beware 4th rule (CP: $4.40, Vol: 1,060. ATR: 6)
Ho Bee - 4th Rule (CP: $1.83, Vol: 850, ATR: 4)
IndoAgri - Failed Pattern (CP: $2.28, Vol: 5,680, ATR: 8)
Kepland - Run (CP: $3.63, Vol: 3,400, ATR: 6)
P.S. I noticed that I was looking for shorting opportunities because I'm locked in contra for Capitaland. Someone stop me next time. SEE THE MARKET AS IT IS.
16 March 2010 - Capitaland
This is the story of a man they call the King of Volume Trading.
The DOW was up, and he knew it was a sign that the homework we did the day before was wasted... With the intel useless (that is why we should always do homework when the DOW closes, or at least do revisions in case it turns around), all he had to depend on was his gut instinct - the same primal senses he's been honing throughout his years of trading.
"Look for the gem among the chaos," he told me. (Or something to that extent anyway). Them wise men always have corny shit coming out of their mouths.
So he did.
There are a few signs of a run:
1. High Intensity following days of low Intensity
2. High Intensity happens at the upper regions of the stock's ATR
3. The stock range for the day exceeds the previous days'
"It's time to take Capitaland," he said this time, less cornily.
And so we did. In the nature of a sensible blog, I will now attempt to decipher what the hell happened in the minds of the trader:
The past two days have been shit - no run up like everyone expected, leading to a few days of mid-level sell-offs by contra-traders. The shortists have been making a little off the intraday Fourth Rule patterns, but they were waiting patiently for the exhaustion and the eventual drop downwards. Monday was dreadful as everyone was waiting for something to happen.
Seesaw, and everyone turned to the DOW. It went down at first, and the shortists rubbed their hands together and went to bed (that was me and Shifu Ang), prepared to take down the stocks a few notches the next day.
Morning came, and DOW turned as green as Oscar the Grouch on a good day. The shortists curse their luck and watched as the contra buyers prepared themselves for a second spring. Intensity picked up at the end of the day, and the rest they say, is a good tomorrow.
The Breakdown:
Charts from Yahoo Finance and Chart Nexus.
Fig. 1. Capitaland Intraday Chart, 16 March 2010
Remember the lessons of Intensity. If fate has it, we will never see our taking price hit tomorrow.
Run, run, run like freakin' Forest Gump!
Capitaland
Opening Price: $3.92
Previous Volume: 8,550
Closing Price: $3.40
Closing Volume: 15,600
Price Acquired: $3.96
Lots Acquired: 5
Break-Even Price: $3.99
The Call: Run. Run. Run! To sell on low Intensity.
For the interested, here are the other charts:
Fig. 2. Capitaland 5-Day Intraday Chart
Fig. 3. Capitaland 3-Month EoD
The DOW was up, and he knew it was a sign that the homework we did the day before was wasted... With the intel useless (that is why we should always do homework when the DOW closes, or at least do revisions in case it turns around), all he had to depend on was his gut instinct - the same primal senses he's been honing throughout his years of trading.
"Look for the gem among the chaos," he told me. (Or something to that extent anyway). Them wise men always have corny shit coming out of their mouths.
So he did.
There are a few signs of a run:
1. High Intensity following days of low Intensity
2. High Intensity happens at the upper regions of the stock's ATR
3. The stock range for the day exceeds the previous days'
"It's time to take Capitaland," he said this time, less cornily.
And so we did. In the nature of a sensible blog, I will now attempt to decipher what the hell happened in the minds of the trader:
The past two days have been shit - no run up like everyone expected, leading to a few days of mid-level sell-offs by contra-traders. The shortists have been making a little off the intraday Fourth Rule patterns, but they were waiting patiently for the exhaustion and the eventual drop downwards. Monday was dreadful as everyone was waiting for something to happen.
Seesaw, and everyone turned to the DOW. It went down at first, and the shortists rubbed their hands together and went to bed (that was me and Shifu Ang), prepared to take down the stocks a few notches the next day.
Morning came, and DOW turned as green as Oscar the Grouch on a good day. The shortists curse their luck and watched as the contra buyers prepared themselves for a second spring. Intensity picked up at the end of the day, and the rest they say, is a good tomorrow.
The Breakdown:
Charts from Yahoo Finance and Chart Nexus.
Fig. 1. Capitaland Intraday Chart, 16 March 2010Remember the lessons of Intensity. If fate has it, we will never see our taking price hit tomorrow.
Run, run, run like freakin' Forest Gump!
Capitaland
Opening Price: $3.92
Previous Volume: 8,550
Closing Price: $3.40
Closing Volume: 15,600
Price Acquired: $3.96
Lots Acquired: 5
Break-Even Price: $3.99
The Call: Run. Run. Run! To sell on low Intensity.
For the interested, here are the other charts:
Fig. 2. Capitaland 5-Day Intraday Chart
Fig. 3. Capitaland 3-Month EoDSaturday, March 13, 2010
When do I buy?
I have to admit, this is the first question that come to my mind when Mentor Ang (henceforth known as Shifu Ang) got me interested in the world of invisible cash. And I bet this is what most other people ask too.
But then again, like most answers to terrifically simple questions, this one's like a fart in the wind.
Last night we had a nice session (long overdue because of constant raiding on WoW) on EoD analysis. There were loads of exclamation marks but there were two stocks that I didn't quite get.
What I meant to say was, I had no clue what the hell Shifu Ang was talking about. What seemed to be a good shorting opportunity, exhausted volume after a good run upwards, is now a chance to buy instead, reason being the seesaw.
I'm pretty confident of talking my way out of being an expert of trending movement patterns, but looking for ranging seesaws is like a fish trying to play badminton.
What I got from yesterday night was... that the seesaw movement of stocks exposed to a ranging cycle is the result of the tussle between a strong buying force and an equally strong selling one.
Recent sharp movements in the chart (I'd attach IndoAgri and Yanlord charts now but I'm stuck at a course on how to write for the web) has resulted in the presence of strong buying and selling forces. Add that to the impulsive urges of the impatient price-takers during the intraday and you've got one hell of a chart movement - a Run Up one day or two, then a Sell Down the next dew days, then a Run Up for a day, then a Sell Down after that.
Poor, broke, disillusioned people are the results of such folly!
But how do we know it'll seesaw instead of run?
We don't until it happens; till the fat lady sings. (Pretty sure I'm winging it wrongly for this one...)
Here's hoping Shifu Ang will shed some light on this one.
But then again, like most answers to terrifically simple questions, this one's like a fart in the wind.
Last night we had a nice session (long overdue because of constant raiding on WoW) on EoD analysis. There were loads of exclamation marks but there were two stocks that I didn't quite get.
What I meant to say was, I had no clue what the hell Shifu Ang was talking about. What seemed to be a good shorting opportunity, exhausted volume after a good run upwards, is now a chance to buy instead, reason being the seesaw.
I'm pretty confident of talking my way out of being an expert of trending movement patterns, but looking for ranging seesaws is like a fish trying to play badminton.
What I got from yesterday night was... that the seesaw movement of stocks exposed to a ranging cycle is the result of the tussle between a strong buying force and an equally strong selling one.
Recent sharp movements in the chart (I'd attach IndoAgri and Yanlord charts now but I'm stuck at a course on how to write for the web) has resulted in the presence of strong buying and selling forces. Add that to the impulsive urges of the impatient price-takers during the intraday and you've got one hell of a chart movement - a Run Up one day or two, then a Sell Down the next dew days, then a Run Up for a day, then a Sell Down after that.
Poor, broke, disillusioned people are the results of such folly!
But how do we know it'll seesaw instead of run?
We don't until it happens; till the fat lady sings. (Pretty sure I'm winging it wrongly for this one...)
Here's hoping Shifu Ang will shed some light on this one.
12 March 2010 - SembCorp
The first good trade! The day started off as the previous one - impatient hands bringing the price up and then the strong hands brought it down to a comfortable price for them to play around with.
Now, everyone wants to win, especially the strong ones. Notice during the day that volume didn't pick up as much as they'd hope it would (having only 700 lots traded mid-day compared to the 1,100 of the previous day), and the price never broke through the price ceiling of $3.96.
With intensity severely lacking, and a low ATR for the day, the strong hands know a lost cause when they see one and promptly did a sell down close to lunch in an attempt to resuscitate the limp market.
That had the equivalent of jolting a dead frog with battery acid - the market jerked up 2 cents after lunch and intensity picked up within a 3-cent range of $3.93 - $3.95, but it never got to where the strong hands wanted them.
So we sold, to the advice of Shifu Ang, at $3.94. A good a price as any.
Good Game.
Breakdown:
Chart from Yahoo Finance.
Fig. 1. SembCorp Intraday - 120310
SembCorp
Opening Price: $3.97
Previous Volume: 4,130
Closing Price: $3.94
Closing Volume: 1,880
Price Acquired: $3.89
Lots Acquired: 5
Break-even Price: $3.92
Price Sold: $3.94
Transaction Cost: $109.62 ($54.46 + $55.16)
The Win: $140.38 ($0.05)
The Score So Far: -$3042.75
The Call: Intensity on Monday could bring the stock to a new high, but watch out also for signs of exhaustion depending on how the DOW performs on Friday (it went up by the way).
Now, everyone wants to win, especially the strong ones. Notice during the day that volume didn't pick up as much as they'd hope it would (having only 700 lots traded mid-day compared to the 1,100 of the previous day), and the price never broke through the price ceiling of $3.96.
With intensity severely lacking, and a low ATR for the day, the strong hands know a lost cause when they see one and promptly did a sell down close to lunch in an attempt to resuscitate the limp market.
That had the equivalent of jolting a dead frog with battery acid - the market jerked up 2 cents after lunch and intensity picked up within a 3-cent range of $3.93 - $3.95, but it never got to where the strong hands wanted them.
So we sold, to the advice of Shifu Ang, at $3.94. A good a price as any.
Good Game.
Breakdown:
Chart from Yahoo Finance.
Fig. 1. SembCorp Intraday - 120310SembCorp
Opening Price: $3.97
Previous Volume: 4,130
Closing Price: $3.94
Closing Volume: 1,880
Price Acquired: $3.89
Lots Acquired: 5
Break-even Price: $3.92
Price Sold: $3.94
Transaction Cost: $109.62 ($54.46 + $55.16)
The Win: $140.38 ($0.05)
The Score So Far: -$3042.75
The Call: Intensity on Monday could bring the stock to a new high, but watch out also for signs of exhaustion depending on how the DOW performs on Friday (it went up by the way).
Thursday, March 11, 2010
11 March 2010 - SembCorp
There are times when I'm unable to check on the movements due to work commitment. That's when the heart beats faster and wonders what the hell happened to the stock.
Good thing I've got Mentor Ang to tell me that there's no hurry. Today's report will be short because I've not much to say anyway.
Breakdown:
Chart from Yahoo Finance.
Fig. 1. SembCorp Intraday - 11 March 2010
Now I'll refer you to Mentor Ang's latest lesson notes on Impatient and Patient buyers for this one.
The stock opened higher today (what we call a Gap Up), which is usually the cause after a good run and impatient buyers want in on the deal. Here's a change for the big patient buyers to bring the price down by faking a Sell-Down.
This corrects the price of the stock to a comfortable level of play for the patient players, and totally ruins the vibe for the impatient ones who rushed into the stock a good four cents higher.
Now with the market normal again, the patient ones can then work on jerking it up higher one bid at a time so that they can take their time on this one.
The end of the day saw a large up and down, probably because the patient hands got what they wanted and managed to push the price higher, and the impatient hands figured they cash out while they can before the same thing happens the next day.
Of course, that's one way of interpreting the chart. I'm going to need Mentor Ang to give his take on my analysis.
Tomorrow is crunch time for us, because a volume explosion will make us happy, while a dip in intensity and volume will mean we'll have to close the position.
SembCorp
Opening Price: $3.93
Previous Volume: 6,790
Closing Price: $3.94
Closing Volume: 4,130
Price Acquired: $3.89
Lots Acquired: 5
Break-even Price:$3.92
The Call: At a gap and run tomorrow, hold and wait till Intensity drops or Market Depth signal to close. At a low volume start, cut and close.
Good thing I've got Mentor Ang to tell me that there's no hurry. Today's report will be short because I've not much to say anyway.
Breakdown:
Chart from Yahoo Finance.
Fig. 1. SembCorp Intraday - 11 March 2010Now I'll refer you to Mentor Ang's latest lesson notes on Impatient and Patient buyers for this one.
The stock opened higher today (what we call a Gap Up), which is usually the cause after a good run and impatient buyers want in on the deal. Here's a change for the big patient buyers to bring the price down by faking a Sell-Down.
This corrects the price of the stock to a comfortable level of play for the patient players, and totally ruins the vibe for the impatient ones who rushed into the stock a good four cents higher.
Now with the market normal again, the patient ones can then work on jerking it up higher one bid at a time so that they can take their time on this one.
The end of the day saw a large up and down, probably because the patient hands got what they wanted and managed to push the price higher, and the impatient hands figured they cash out while they can before the same thing happens the next day.
Of course, that's one way of interpreting the chart. I'm going to need Mentor Ang to give his take on my analysis.
Tomorrow is crunch time for us, because a volume explosion will make us happy, while a dip in intensity and volume will mean we'll have to close the position.
SembCorp
Opening Price: $3.93
Previous Volume: 6,790
Closing Price: $3.94
Closing Volume: 4,130
Price Acquired: $3.89
Lots Acquired: 5
Break-even Price:$3.92
The Call: At a gap and run tomorrow, hold and wait till Intensity drops or Market Depth signal to close. At a low volume start, cut and close.
Wednesday, March 10, 2010
10 March 2010 - SembCorp
Day One of the blog and already some action!
Mentor Ang told me about the Failed Pattern of SembCorp when he got back from CMPB (ask him for the story).
Waning interest called for a shorting opportunity, but someone decided that the run wasn't quite done yet. That's where we came in.
Arriving slightly after close for lunch, the market had already started the swing up. Optimistic me decided to enter the fray at $3.85 because it looked like a hurried before half-day close purchase.
Mentor Ang signaled the action at $3.89 later, and I got hit. Headaches came as buyer's anxiety tickled the "sell" button when the push didn't come and a high Bid Price (Vol/ATR) scenario occurred.
So here's the lesson of the day: CLEAR YOUR MIND. AND WAIT FOR THINGS TO UNFOLD.
A Failed Pattern seldom fails.
Fig. 1. SembCorp Intraday - 10 March 2010
Fig. 2. SembCorp 5-Day Intraday
Fig.3. SembCorp 3-Month EoD
Mentor Ang told me about the Failed Pattern of SembCorp when he got back from CMPB (ask him for the story).
Waning interest called for a shorting opportunity, but someone decided that the run wasn't quite done yet. That's where we came in.
Arriving slightly after close for lunch, the market had already started the swing up. Optimistic me decided to enter the fray at $3.85 because it looked like a hurried before half-day close purchase.
Mentor Ang signaled the action at $3.89 later, and I got hit. Headaches came as buyer's anxiety tickled the "sell" button when the push didn't come and a high Bid Price (Vol/ATR) scenario occurred.
So here's the lesson of the day: CLEAR YOUR MIND. AND WAIT FOR THINGS TO UNFOLD.
A Failed Pattern seldom fails.
Breakdown:
Charts from Yahoo Finance.
Fig. 1. SembCorp Intraday - 10 March 2010This is the Intraday Chart for SembCorp. Notice the spike slightly before lunchtime without the support of much intensity. That made me believe that the hurried buys might settle back to my queue after lunch, but Mentor Ang advised against it (probably when compared to the Market Depth).
SembCorp
Opening Price: $3.83
Previous Volume: 2,660
Closing Price: $3.90
Closing Volume: 6,790
Previous Volume: 2,660
Closing Price: $3.90
Closing Volume: 6,790
Price Acquired: $3.89
Lots Acquired: 5
Break-even Price: $3.92
The Call: Hold and wait for tomorrow's rise; a Failed Pattern seldoms fails.
Lots Acquired: 5
Break-even Price: $3.92
The Call: Hold and wait for tomorrow's rise; a Failed Pattern seldoms fails.
For the interested, here're the other charts.
Fig. 2. SembCorp 5-Day IntradayFig.3. SembCorp 3-Month EoDRunning the account
Here we are, a period of short-shorters later and still in debt. It's tough, but someone's gotta do it.
I've been told I do things in "phases". Like this time it's my "become a teacher" phase and the other is my "save the world by sneezing" phase; comical to the point of idiocy. Really, give me more credit.
The training began a few months prior when I first exhibited my "trading for kicks" phase. Friend and mentor Quest aka Abel got me hooked to the notion of financial equality (i.e. there are the players, and there are the played), and the psychology of it all got me rather intrigued.
Chalking up a grand loss of more than $2,000 at the end of 2009, the disheartened but still very much knowledgeable me took a back seat to dedicated time to the surmounting pile of paper at work.
Recent developments (let's not call it a phase shall we) in trading methodologies and World of Warcraftry has called for my return.
So the challenge - $1,000 in the bank to lose, an unlimited amount to win. Over a span of 5 trading days. D-Day - June 14-18 2010.
Documented in this make-shift blog (also inspired by the great Mentor Ang - they call him the King of Volume Trading) will be the decisions, the outcomes, the mentality, and the other stuff that deserves your attention.
It ain't over till the fat lady sings. Let's go.
I've been told I do things in "phases". Like this time it's my "become a teacher" phase and the other is my "save the world by sneezing" phase; comical to the point of idiocy. Really, give me more credit.
The training began a few months prior when I first exhibited my "trading for kicks" phase. Friend and mentor Quest aka Abel got me hooked to the notion of financial equality (i.e. there are the players, and there are the played), and the psychology of it all got me rather intrigued.
Chalking up a grand loss of more than $2,000 at the end of 2009, the disheartened but still very much knowledgeable me took a back seat to dedicated time to the surmounting pile of paper at work.
Recent developments (let's not call it a phase shall we) in trading methodologies and World of Warcraftry has called for my return.
So the challenge - $1,000 in the bank to lose, an unlimited amount to win. Over a span of 5 trading days. D-Day - June 14-18 2010.
Documented in this make-shift blog (also inspired by the great Mentor Ang - they call him the King of Volume Trading) will be the decisions, the outcomes, the mentality, and the other stuff that deserves your attention.
It ain't over till the fat lady sings. Let's go.
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