Booking Profit on Genting SP and Looking to Short City Dev and Bank Counters
Posted by admin in Forex Analysis, Futures Pick, Market Analysis, Stock PickGood Morning,
Dow rammed up another 100pts and SIN Dollar breaks 1.36 ground, a level not since July 2008!
Naturally, the first thought is go into the market to do more buying and hoping to sell higher later but 13years of trading experience tells me that HOPING for something doesn’t really pay or helps in the financial market. Its all about ODDS that separate the WINNER and the LOSER and I’m determined to be the former, as many times as possible.
If anyone look at the STI chart today, it is doing a 3-4mths high but if you put it side by side with the Bank counters, you will see that the PATTERN doesn’t really inter-relate. And when I checked the selling wave in City Dev over the last 2days and also failing to set a new high above S$12.08 ( the high created on 1st of May) tells me that I have to becareful.
Hang Seng opened above 21,000 level (as forecasted) but quickly sold down to below the level, closing at 20837 for the Futures. Today despite the Dow hitting above 10,500, the HK market cannot even go past the resistance at 20970. (at least of my writing now at 1030hr) clearly shows that one need to be very careful on the long side.
I have gave and shared some gentle reminders and some thoughts with my fellow graduates on SKYPE that I am booking out from the market now and its good to join along. I think this current upside trend is near its last lag for the time being, it is time to take from the table and sit and wait or do some small shorting.
Many people on the forum are trying to go into the market today, from the way, they are writing (of course, they might be just TCSS only) because they felt that the price keep creeping higher but they are not involved thus it seem rather ‘stupid’ not to be involve….but if thats the true then its where I always share with people of my 4 trading philosopy of mine.
” If everyone is expecting the market to go higher, thus everyone buy and did a transaction .. but yet the price is not moving… clearly spell trouble because the other key part to make a transaction complete is someone must sell. If the buyer have expectation but yet the market doesn’t give that then.. by the end of the day, the chain reaction will be disappointment next to come”
I hate being disappointed although I love to sell at absolute high but once again, 13years of experiences tells me that it is not possible and more importantly, follow my rules to trade. As long as make money, one should be contented and await for the next round. Once Euro hits 1.3028, I am billing out from this currency too and will rest and re-look again.
May everyone have a great trading day ahead.
This is Kelvin Han, V3Go System Originator, signing off, cheers! 
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