This blog is a journal of charts on ASX stocks in various point in time. You might find charts on Major forex pairs,Nasdaq and SGX stocks as well.It reflects the author personal view. Its neither advisory or invitation to trade. All done in the interest and passion for the market, trading, technical analysis and elliot wave. And to exchange view, opinions with traders worldwide. .
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Thursday, September 30, 2010
Wednesday, September 29, 2010
Tuesday, September 28, 2010
Monday, September 27, 2010
Fresh food price set for dramatic rise | Top Stories | BigPond News
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Sunday, September 26, 2010
Future of cheap cotton and clothing | Finance | BigPond News
http://bigpondnews.com/articles/Finance/2010/09/26/Future_of_cheap_cotton_and_clothing_518299.html
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Saturday, September 25, 2010
1. Chart by chart. Market by market. Stock by stock. New York is New your. London is London. Tokyo is Tokyo. Sure the global financial industry is very much inter-related today, but as far as day trading goes, "Think day to day, See chart by chart and Trade stock by stock".
2. I have tried to think and trade longer term but I must confess, I have muck up. My psyche is not made for long term trade. My strategic setup is Ok but my tactical muck it up. I am a day trader, as my action confirms it. A swing trader at best. I kid myself not that I am a day trader. Although I dont see myself as one lest want to see myself as one. But alas the truth is I am a day trader.
3. My trades setup are good but I muck it up at exit. My trades are good but get stopped out either get whipsawed or I get nervous when it goes sideways when I expect it to shoot the next day or I would get nervous becasue of fresh input after the trade is in play. Most of the time if not all the time by news. My setup is base on charts but I just dont know whyI get myself affected by news. The stocks may hit turbulence, most of the time it recovers and contunue on the trend.
Tuesday, September 21, 2010
Australia prime target for ATM skimming | Top Stories | BigPond News
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1. BP : come back next month
2. RBS : come back to it in Xmas
3. WOW : target 27.75. End nxt wk.
"stock by stock; chart by chart; market by market"
- don't link them up. don't cross reference till you have work out the relationship.
- don't act on impulse on hot news.
Cool the news with logic.
Monday, September 20, 2010
Sunday, September 19, 2010
Saturday, September 18, 2010
4. They trade one market. ONE
I've talked with great traders who can trade futures, forex and stocks at the same time. They are a gifted tiny minority.
The vast majority of successful traders concentrate on one market and become so comfortable with it that they begin to "know" the behavior of that market just watching price and volume. Test yourself - if you aren't able to get rid of all your charts and simply look at price and volume to trade, you're probably not concentrating enough on one market in order to know its moods. What we're really talking about here, of course, is not the mood of the market itself but the moods of the market participants!
How to Improve Your Trading by Not Having An Opinion
It seems the more traders try to predict, the more it can't be done. Just like we cannot predict future life events, we cannot predict future market events. ........News forms opinions, trading oscillators form opinions; analysis forms opinions, analysts form opinions, etc., etc. As traders, we really do not know how the markets will react to news and financial recommendations. If we think we do, then we are forming an opinion about the news! How many times have companies come out with great earnings and sold off right after the announcement. And when it does the news commentator comes out and says well the stock ran up already in expectation of the good numbers and then sold off. And if the stock continued upward, the news commentator would say, good earnings drove the market upward, etc., etc. They operate on 20/20 hindsight. We as traders do not have this luxury. The less opinions you have, the better trader you will be! And it is that simple!!!!
Bennett A. McDowell, founder of http://www.traderscoach.com/, began his financial career on Wall Street in 1984, and later became a Registered Securities Broker and Financial Advisor for Prudential Securities and Morgan Stanley. Bennett is considered an expert in technical analysis; he frequently lectures and recently authored the bestselling book The ART of Trading.
Actually to come to think about it,its true, everytime a new elliotwave monthly newsletter comes around, it modifies my trading, and I get disoriented. Oxygen is your own interpretation, Nitrogen is others, so beware of Nitrogen narcosis. Dont inhale too much nitrogen.
Friday, September 17, 2010
Technical vs fundamental
Action to take :
Stay Away. Yes there will be a period whereby the trader feels disoriented. This is normal. Stay away for now. Clarity will return. This is the trader's nitrogen narcosis. Just like the diver has gone too deep for too long. The trader needs to return to shallower waters.
Looking like a wedge formation. Stochs struggling thru the O/B levels. On the other hand market sentiment seem sto have turn bullish. And prices for Woolsworths seems to have a little bit more upside. $29.90 seems to be the resistance for now. Prices are supported by moving averages. On normal circumstances would have adopted a wait and see attitude but with acct equity at a psyhcological level, just feeling edgy to get more. That impulse has resulted in a WOW trade. Either luck is on my side and I come thru or I will pay a price for the lesson not to be impulsive. Earlier have already been cleaned out of WPL trade gave up earlier profit due to volatile prices and stopped out. My gut feeling is to stick on with the trade. No choice.
Thursday, September 16, 2010
tradermark has sent you a link from www.afr.com
tradermark has sent you a link from www.afr.com
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