Cosco 28th Dec 2007

Back to Cosco, maybe a bit late, but still not far.
Broke support on 28th Dec 2007, but closed above downtrend support.
Trading range should be $5.77 - $5.90 on Monday.
With such thin trading volume recently, and it is downtrending, I should be in position coming Monday, and last day for window dressing for blue chip counters.

What comes down must go up!

Didn't have a good short recently. Shorted at 13430 and 13544. Both went up further. Then I knew I didn't short at resistant, which I should be. Waited for 2 days, when it hit the yellow line.
I queued at 13648, purposely lower by 2 points, in case I don't get it. but it hit 13647 and dives down. Sick! And I didn't dare to chase it! I would have make some (big money) if I have chased. The low last night was 13370. 277 points difference!
But I was happy that this time I charted it right.
Anyway, I covered back at 13445, thought that was the support, and it dives down further. Sigh!
Saw the low at 13370, and it didn't go lower. My mentor told me yesterday, if it dives down at such a steep gradient, it will come up at such gradient. I didn't short it again and went to sleep. It can't go down straight like that.
This morning woke up, and saw the rebound (technically). Phew! 13427! The high was 13456! He was right! Anyway, there are always opportunities in the market. Bullets back, and I am ready to open a new position next Monday. Hehheh........

What goes up must come down!

Shorted mini Dow March 08 twice again today.
First shorted at 13321 and covered back at 13307.
Second short shorted at 13325, quite near resistant, but it broke out and hit 13364.
What my mentor said was true.
"In a bear market, the price you shorted, will come back. The price you long, will be gone forever!"
Just sit tight. And managed to close at 13311. Phew!

Hang Seng Index tomorrow.....

Doesn't look good.
Hang Seng Future Index (Dec 2007) fell 557 points at 4:15pm.
This should pull down STI tomorrow, if Dow fell again tonight......

Mini Dow Futures US$5 Electronics March 2008 - 19th Dec 2007

My first trade in Futures - Mini Dow Futures last night.
Understand my mentor's strategy more after this trade.
"Must wait patiently for the trend to form and enter at the right point."
I charted on the 5 min chart, found the big trend within these few days.
It overshot the first and second yellow resistant lines, hit the third (top) one and came down.
I shorted at 13376 pts.
I waited at 13345 pts, the third low point (sorry the line was not there).
It hit there and bounced up.
Then it broke down the support line.
Almost shorted it at 13330 when it came up from low of 13319 pts.
But to play safe, as it was too far from my initial short of 13376, I gave it a miss.
It really hit 13330 and plunged down to 13268. What a waste! Hahaha....
As this was my first trade, I was still quite satisfied with it.
Waiting for it to hit the yellow resistant lines again and short it there. Pretty soon.......
Patience........

Cosco 17th Dec 2007

Broke down at $5.65 today.
Broke mid-term support (dark blue line) on 13th Dec 2007.
Last hope at the long term uptrend support (yellow line).
If still can hold above that, this counter will be gone, just like if STI can't hold 3000 points.

Golden Agri 17th Dec 2007

Big down bar today.
Opened at $1.86, right on the yellow uptrend support line, and closed at day low of $1.73.
Most volume done at $1.78, with 1.96 millions of shares done there.
This price used to be the support. Remembered 225 millions of shares married deal on 30th Nov2007? Now became resistant.
It broke the long term uptrend support of $1.76 (another resistant) too.
First support at $1.72 - $1.73.
Next should be $1.60 - $1.61.
Then will be $1.49.

CH Offshore 14th Dec 2007

As mentioned earlier, CH Offshore broke down on 13th Dec 2007, continued to slide further.
$0.795 is the critical support for tomorrow. Hehhehheh.......

SGX 14th Dec 2007

With Dow closed -1.32% last Friday, $13.10 uptrend support for tomorrow looks vulnerable.
Closed at $13.30. Nearly 50% of the volume done there. Poised to break this support anytime tomorrow.
Time for me to go in as soon as it breaks down.

STX Pan Ocean 14th Dec 2007

Another counter which broke the mid-term uptrend support of $2.80 last Friday.
Downtrend more confirmed with this breakdown.
Closed at $2.76, with most volume done at $2.75, $2.76 and $2.78 respectively.
Relatively high volume, with down bar.
Next supports at $2.68 and then $2.60.
Strong resistants at $2.80 and $2.81.
Eyeing on it like a hawk tomorrow.

Uniasia 14th Dec 2007

Trading range for tomorrow should be $1.00 - $1.06.
Previous support of $1.05 - $1.06 should become resistant, if it fails to close above that.
Next resistant is $1.09 - $1.10. Breaks above that, shortists should be worried.
$1.00 is the supports on 25th Oct 2007 and 6th Dec 2007.
Psychological support too.

Jardine Cycle and Carriage 14th Dec 2007

A counter which is very hard to predict.
When every counters, including STI, were going down, it went up.
Was expecting it to hit the third peak around $22.00 last Friday, but it didn't manage to hit.
Looking at the top red trend line, it may hit $21.90 on 18th Dec 2007. Anticipating only.......
Due to its big trading range, I am ready to give it a short! Hahaha...... saying only. But this resistant looks convincing. And safer to short it there. Eyeing on it closely......

Cosco 14th Dec 2007

This counter broke down on 13th Dec 2007 at $6.20 (mid term support)
Short term is still downtrending.
Too near the support of $5.70 - $5.75.
Too late to short now, to me at least.
Was thinking to short when it was at $7.00.
But given that my mentor said this counter is the leader of the market.
Short the weaker one than this counter.
In the end, he shorted it. Hahaha..... Maybe on the 13th Dec when the big down bar formed.
I am not taking the risk now. Perhaps when it breaks $5.70 support.

China HongXing 14th Dec 2007

Downtrending since 29th Oct 2007.
Already in the lower part of the trading range ($0.90 - $1.04) on 5th Dec 2007 (significant day).
Last Friday, it closed at $0.94. This price was within the majority volume zone of $0.935 - $0.95, 7.076 millions of shares done on 5th Dec 2007.
If breaks on Monday, which looks possible (Dow fell 1.32%), the next support at $0.905 - $0.92 (8.842 millions done on 30th Nov 2007).
$0.92 is the uptrend support in mid-term on Monday. (see yellow line)
$0.90 is more like a psychological support.
Need a big volume to reverse the trend.

Yangzijiang 14th Dec 2007

Broke the critical support of $1.98 on 13th Dec 2007.
Touched $1.99 again on 14th Dec 2007 briefly with 0.425 millions of shares done there.
Majority of the shares doen at $1.93, with 8.71 million of shares (45.75% of the trading volume on 14th Dec 2007) done there, which should form a significant resistant there now, if it fails to stay above there on Monday.
Immediate support at $1.90 - $1.91 (most volume done there on 22nd Nov 2007, with 2.268 millions exchanged hands).
If breaks, next support will be at $1.86 - $1.87. (20th Nov 2007's low).
Trading range should be $1.90 - $1.93 on Monday.
Watching closely on this. Think $1.90 can be broken, given DJI fell 1.32% (-178.11) last Friday 14th Dec 2007.

BakerTech 14th Dec 2007

Downtrending. Monday's trading range should be $0.32 - $0.34.
On 5 min chart, there was a strong support at $0.32 - $0.33 on 26th Nov 2007.
If broken, the next support should be at $0.30 - $0.305.

SGX-ST MINIMUM BIDS SCHEDULE

Singapore Exchange Limited (SGX) is pleased to announce the final changes to the minimum bids schedule for the securities market. The new schedule, which will be implemented on 24th Dec 2007, seeks to improve trading efficiency and market liquidity.

The final changes include:

1) Reducing the minimum bid sizes for securities¹ priced above $3.00;

2) Customising the minimum bid structures for Exchange Traded Funds (ETFs), bonds, debentures, loan stocks; and Hong Kong Dollar as well as Japanese Yen denominated securities traded on SGX; and

3) Widening the threshold for member firms forced orders key from the current +/- 6 bids to +/-10 bids for the main securities products²

¹ securities exclude ETFs, bonds, debentures, loan stocks and those securities traded in Japanese Yen and Hong Kong Dollar.

² main securities products exclude ETFs, bonds, debentures and loan stocks.

Cosco 13th Dec 2007 - EOD

Broke through the support line of $6.10 for today. Quite within expectation looking at the selling force. Big lots sell down. Small lots buy up.
Broken many hearts of Cosco supporters too.
Closed at day low of $5.95, with relatively high volume.
Should see some follow-through selling tomorrow, if DOW closes negative tonight.
Next support should be $5.90 (27th Nov low) and $5.75 (23 Nov low).
Looks really attractive to me, but buy signal not out yet.
Never catch a falling knife!!!
Kena cut when I catched Uniasia at $1.95.

CH Offshore 13th Dec 2007

CH Offshore broke down at $0.85. Missed it!
In fact, this morning it has broken down from the yellow uptrend for the past 3 trading days.
Just too engrossed with my short positions of China HongXing, Uniasia and BakerTech.
Trading range for tomorrow should be $0.815 - $0.845.
This time must monitior it closely.

Cosco 13th Dec 2007

Touched the downtrend support line at $6.10 at 12:29pm, with 180lots and 444 lots massive selldown in 2 transactions. It will worsen if it touches $6.05 today.

Already formed the second shoulder on 3rd Dec 2007. Mid term uptrend support of $6.23 was broken this morning too. Chart later again this evening after it closes.

Chart the trends!!!

Left the market in 2003, after trading for about 7 years and back into this market this January.
Don't know anything about charting in that 7 years.
Every entry was like a bet, and depended on Lady Luck to give me the fortune.
Obviously, I don't have the luck. Or else I won't leave the market.

Come to think of it, not only I don't have the skill to chart, there were too many odds against me.

First, I don't have the most important element in trading - capital.
Imagine I bought1 lot of Reca-pacific of $0.33. How many bids do I need for it to move up (with the minimum commission) before I can break even?

Second, I can only get to view the price through 'Teletext', which was delayed by about 5 to 15 mins(?). Even if the delay is seconds, it is good enough to kill you. By the time I want to sell it, it was not that price anymore.

Third, my trades were done via broker. That commission rate was so much higher, compared to the trading online.

When I came back this January, I am still doing the same thing - not charting and trading with the trend. But this time I have slightly more capital, and trading online. I have some luck in the beginning. Within 5 months, I earned 2 times of my capital. Then, I started trading using 'Contract For Difference' with the 5x leverage. Within 1 month, I earned 2 times of my capital with profit again. I knew it was purely on luck. I told myself, before the luck leaves me, I need to go for some courses to learn the charting skills. But it was too late. Before I started attending the course (as courses don't start immediately right after you signed up), I am already starting to sink deeper into the mud. Don't believe in cutting losses, as throughout that 8 months of trading, I will keep averaging down, whenever the prices went lower. And so many times, I got out alive with profit.

Main problem of averaging down was digging your grave bigger. This time, the holes got even bigger, and at a even faster rate because of the leverage power of CFD, when I shorted Jardine Cycle & Carriage (C&C) and Singapore Exchange (SGX). These 2 counters moved up with STI, as they are STI component stocks. I kept averaging up my short prices, till I overtraded. Remember the day when SGX shot up $2 in one day, and $1.80 the following day? And C&C moved up too at that same period. The holes got worse till I received margin call everyday, and I have to top up everyday, with the money I can find (liquidation and credit lines especially) till I can't take it anymore. Then, at that time, I learnt and felt the pain and relief of cutting loss.
To make things worse, I am not trading that 2 counters alone. I have Rowsley, Penguin etc on hand - long and short positions. Seriously overtrade!

After I have attended the courses, I know the importance of trading with the trends, and not against them. There are many trends in every counters - primary and secondary.
I begin to learn how to manage my money better, though still not good and still learning it everyday.

Decided to start this blog as the diary of my trading, which I can make reference easily, but not to tell you what to trade. This blog is meant for a discussion area for traders, if you are willing to participate. I am not responsible for any of the profit and loss you have made. In short, TRADE AT YOUR OWN RISK!