Tuesday, June 26, 2012

KLCI Futures - Potential Reversal on Falling Wedge

FKLI July'12 - Potential Reversal after Retesting Support at 1,590-1,595 (June 26, 2012)

Finally, go down to my target point....AFTER I've closed my short position yesterday. That's market, price always hang on just a minute longer than what most traders can bear with.

Anyhow, upon closing formed a nice base in a FALLING WEDGE pattern. We can look for a potential reversal back above 1,600 tomorrow. CAVEAT is still a flat/positive US & EU performance tonight. 

Anyway, I haven't make a move yet. As a wise man once told me: When you are not sure what to do, DO NOTHING! Never trade because you want to trade; trade only when there's a trade.

So, staying on the safe side, I'll make a move after I get a confirmation tomorrow. 

Enjoy!! Happy Hunting!!

Monday, June 25, 2012

Euro-zone Manufacturing PMI

Chart: nullDescription: Euro-zone manufacturing purchasing managers index and industrial productionTags: Europe, euro zone, manufacturing, economy, recessionAuthor: MarketWatchcharts powered by iCharts

KLCI Futures - Consolidation: For a New High

Hi all.

Today I'll share with you all the power of Elliott Wave principle, as portrayed by the chart below:

KLCI Futures - Base Consolidation: In anticipation of a new high (June 25, 2012)

Sideway consolidation can KILL!! Beware!

I myself got caught in the earlier part of the consolidation channel (ranging 1,503.5 - 1,512.5). Did two SHORT at 1,610 on June 21, anticipating the small correction Wave 3_iv. Did not take profit at June 22 opening gap down, insisting on my TP @1,590, saw a 1.5K profit fly away as all can see that day we recovered well & even made a new peak, slightly. Closed position at 1,511 today after price spiked to another new high of 1,615.5 this morning (about the level of my psychology SL). Then, we now see price come below my entry point. I realize this is a rectangle consolidation, hence didn't make a LONG for wave 3_v.

Now that EU is all RED, Dow futures down >70pts, I guess tonight will not be a good night.
I was thinking to LONG now at 1,530 before today's close, but shunned the idea since I most probably can make a lower entry tomorrow morning if the market oversold due to lower EU & US tonight. Talking TRADING PSYCHOLOGY & STRATEGY!!!

I believe we are now at a Wave 3-iv sideway consolidation, am anticipating a significant new peak very soon. We have got FELDA IPO in the pipeline (June 28), & 2Q'12 cum. 1H'12 "report cards" all coming this week. Hence, some portfolio-pumping shall help us to go to a decisively higher new peak by end of the week = end-June'12.

Enjoy riding the WAVES!! See you at the new top!!

Monday, June 18, 2012

KLCI Futures - 1,600 by Today

Our KLCI futures look set to regain 1,600 by end of today.
Check out my analysis below:

FKLI - Look Set to Regain 1,600 Peak (June 18, 2012)

Beware of selling pressure which should come in heavily at 1,600. Any LONG positions, exit by 1,600 & wait for another LONG entry after the correction wave (which should be ending at around 1,585 level).

Stocks investors can rest assured as I believe we are looking at breaking the previous high of 1,609 either by end of June or by early July. My target for our new peak will be  +/- 1,615-1,650. 

Woah!! That will be very much in-line with my KLCI 1H2012 forecast at year start. 

However, beware after achieving new peak as the ensuing correction for the current rally since Oct'11 recovery from the US credit rating downgrade plunge will be SCARY!!!

Enjoy & Happy Hunting!!

Wednesday, June 6, 2012

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