June 04 - TRADING is all about PSYCHOLOGY...

Hi All.

After seeing FKLI closed at 1,777.5 high today in a Long White bar, suddenly feel the urge to record down the sequence of observations & decisions I've made since Monday (June03) opening gap down to below 1,770 mark.

I try my best to describe everything alongside the charts, hopefully its not too messy to read :)

FKLI - It's all about Trading Psychology (June 04)

Well, the conclusion is, no matter how godlike is your technical skills, its always the psychology that will eventually determine your trading success.

"Plan your trade, Trade your plan."

Yes, trade your plan, is the only way to get rid of that little voice within ourselves, that's constantly interfering our judgement & actions. 

We all know that, but most of the time we don't do what we know we should be doing....

Anyway, that's just a lame excuse.....:p

Following my recent research in the field of trading psychology , I've learned to truly believe in my trading setups, which I know has a slight edge over the random market outcomes.

Nonetheless, today's event has tested & proven that I have yet to give my setups that much needed UNCONDITIONAL trust & belief.

Hmm....still have room to improve there....:)

Also, from a positive & empowering point of view, I manage to identify a potential trend/sentiment change, execute my 1st trade (though turned out a losing one) according to plan.

Furthermore, I've already lay out a plan to maximize the opportunities tomorrow may offer.

This time it WILL go according to my almost perfect plan...hehe...:p

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Back to the technical part,

As discussed in my previous post, I'm expecting an upside breakout from the triangle consolidation after May06 massive thrust.

Today's strong rebound after several tests on the 1,764 low over the past two days, signalling commitment from the Bulls, has brought price one step closer to a potential upside breakout.

Tomorrow, we'll most likely see the climb continues, will be watching:

R @ 1,781.5 | 1,785-88 | >1,790

S @ 1,776.5 | 1,771.5 | 1,765.5

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On FCPO

Price finally gave in & fall below its 1mth-old uptrend line from 2,230 low.

However, selling is subtle & support is seen near 2,370 region. Probably, sellers refrained from going all out ahead of the May MPOB report on June10.

Technical wise, expect further weakness ahead.

S @ 2,350-60 | 2,335 | 2,295-2,305
R @ 2,380-88 | 2,396 | 2,405-2,420

FCPO - Gap below Uptrend line Extending from 2,230 low (June 04)

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A quick one on NIKKEI, as it hits my first downside target, as discussed in my May24 post, following the flash crash that has started on May23 from near 16,000 peak.

NIKKEI - Bump & Run target hit (June 04)

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Alrighty!
Happy Hunting for tomorrow!! :)

May 24 - FKLI, FCPO, GOLD & NIKKEI Plunge (Closing Week4)

Hi All.

It's a long weekend with Wesak Day falling on Friday, also mark the start of mid-term school holidays.

I guess market gonna quiet down a little in the two weeks ahead due to the school holidays, also the sidelined cash rushed in following post-GE bullish LT resistance breakout on the KLCI/FKLI may have booked their first round of profit.

Remember the Kirk Report I recommended in my last post, on the 5 steps to becoming a trader?

At one stage, we will start drilling into the psychology behind the charts, market, & price movement. 

I guess I'm right at that stage, as I dig around looking for materials discussing trading psychology, even further extend my search to personal development reads on reprogramming our belief system or mindset.  

Speaking of which, I'm currently rereading this book on applying NLP to take control of our mind & thus designing our own destiny.

It's titled Master Your Mind, Design Your Destiny, written by renowned young Singaporean self-made millionaire, Adam Khoo.  

For those who wish to stop drifting with the flow, start taking/regaining control of their life, & in turn designing/moving towards their goals in life, this book can well be your Success Manual, if you let it be.

Take the chance to hunt for life-enriching reads during the weekend, do share with me if any of you came across any interesting books worth reading. :)

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FKLI 

FKLI - Mid-week Reverse back to 1,755-60 Strong Support (May23)

FCPO

FCPO - Steadily climbed above 2,350-60 Resistance Band (May23)

NIKKEI

NIKKEI - Recording the May23 furious 7.3% Plunge After Near-Parabolic Climb (May23)

GOLD

GOLD - Double-bottom near 1,337-47, Apr15 Long Red low. (May 24)

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On another note, I'm recently planning to start working on one of my major goals in life, adding values to other people's lives by sharing my trading knowledge with them.

I always believe that, as we share our knowledge with others, we not only sharpen our skills & reinforce our own understandings on the topics, we will even grow & learn from our sharing experience.

Also, through my personal development experiences, there's a saying going like this: 

"You can only be successful when you truly believe in what you are doing, & that you add values to other people's lives"

I'm successful because I add values to other people's lives!! :)

Appreciate if you could help me start adding more values to more people's lives:

A Survey on Futures/Technical Trading Course Outline

Thank you!!

Enjoy your weekend!

Happy Hunting in the coming week!! :)