Tuesday, August 10, 2010

IJMLand : At 2.25. Good entry for TA. Yes, I m not giving-up on TA. I do not give-up in anything I intended to learn or do. I might be slow, I might take a rest/break but I dont quit. So, I was searching in my stalk-list which give me a uptrending stock and at support level now. IJMLand satisfied my TA criteria. It is a good stock, anyway.

Now, the two parallel blue lines showing channel. There might be a bearish crossover if it close lower today. So, I will only look into it at 4pm to BUY if it managed to close with a white candlestick.

DOW up a little, A123 up a little.

I think LionInd will be running up again but with its RSI at 67, I feel UN-comfortable trading it. As I have cleared JCY, Notion and MudaJaya yesterday, I m very much in cash again(total losses yesterday at RM1,200. Ouch).

So, I m aiming at Hai-O which RSI below 20. So, I m queueing at 3.25 as first level. At 3.15 will be a beauty, technically at strong support and RSI in historically low.

A quick punt on MudaJaya might be OK but it might deviate my attention again. So, I shall stay away. I m looking at IJMLand which at support of 20MA and forming a channel. Will post the chart later.

9.05 am : Welcome back, Hai-O. Done 1k units only at 3.25. Wait ..

9.10 am : Welcome back LionInd, my fav babe. Technically it is a buy but I m still not feeling comfortable.

9.20 am : TopGlove down 10 cents!! When should I move in again?

9.30 am : TopGlove done at 6.00. It toucehd 5.98.

10.20 am : I added TopGlove today as Harta, Supermax, Latexx and Kossan in top-10 loser(in RM) this morning. So, I grabbed it when it went below RM6 just now. Currently at RM6.08, it looks for a rebound? I dont know ... but I might add another 500units before closing later.

LionInd : Bought at 1.65-1.67 but at 1.64 now, so I just added some. But I m going to have short affair with her. Hope to clear soon.

10.45 am : KLCI at 1361, flat. Why am I uncomfortable to hold to LionInd?

1. KLCI in overbought level with DOW too. So, it is only logical that it could not hold too long higher, and bound to correct. The chances of retracing is higher, so risk/reward ratio is not encouraging.

2. Many short-term traders around as market is 'hot'. Once the syndicates and local funds press down the indices, we might see these traders trapped and searching frantically for the exit. The rush to exit might be huge(as volumes increased over the past weeks) and we might suffocate ... drown in the crowd and well ... lose our limbs, we we are lucky to survive.

3. Many sectors are cylical, and once the music is over, it will be passed to the next sector. At the moment, many mourning the losses in tech-sector and rubberish-sector. Food-stocks, consumer-stocks, then constructions and property-stocks ... then plantation-stocks. These were in play ... and tech/rubber certainly being abandoned. When markets shooting higher, it is time to sell for profits if we are in the 'right' favoured sector(s). And start to collect out-of-favoured sector(s). That is what I m familiar about as I 'trained' my mind to do such ... the total opposite of what I m learning in CN or using TA.

4. Specifically, LionInd has moved from 1.40(I bought in that level but only to release too early). Today, it is at 1.65 level .... a SELL to me. Being a contrarian, I hv no problem buying at support at 1.40 level, but I did not wait for resistance at 1.62 to sell. I sold at 1.54-1.58, if I m not mistaken. A break at 1.62 resistance warrant a BUY in term of TA. So, tho I m feeling so uncomfortable, I was wondering how these traders trained their HEARTS to have strong nerves!! I have heart for nice waterfalls, such as TopGlove or Hai-O now. So, IT IS A SELL for LionInd today but I bought it instead!!

12.15 pm : Hai-O to 3.39 now. Hmm ... Dont know if someone interested in Hai-O? I like it as it is OVERSOLD. Look at my LionInd ... feel so stupid again using so-called TA, buying into a stock which almost overbought!! I m trapped again at 1.63 now. Arrghhh .... stop the TA and PA ... move to CONTRARIAN mindset which I used to. FORGET about TA for a while, ok?

Yes, I m started to get uncomfortable with TA(which I couldnt learn well) as it contradicts with my 'original' system!! I m going to CUT off LionInd as it makes me look so stupid to buy at the peak!!

I m going to PAUSE in my learning of my failed TA and re-learn again. It is certainly not right. So, I m reversing back to my waterfall-play.

Kossan : The sole one in green, staring in the sea of red in my rubber-list.

From RHBInvest

Short-term Trading Idea: Lion Industries

Bullish chart breakout

Strategy: Bargain buy at above RM1.60 for further rally ahead

Immediate Resistance at RM1.70

Immediate Support at RM1.60

Exit: For trading purposes, put a stop loss at the 10-day SMA of RM1.59.

4.15 pm : TopGlove back to 6.35 level, Hai-O at 3.40 now. Kossan moved too but I grabbed Hai-O rather than Kossan and I m holding heavily into TopGlove. I sold JCY yesterday to collect more of TopGlove this morning at RM6.00. I think I have average at 6.20 level now. Time to sell? NOPE ... it has NOT even reverse yet ... once the huge buyers back, I will be glad to slowly clear my holdings!! This is how I trade, NOT those many random trades using my flawed TA skills.

The three TopGlove, Kossan and Supermax shall moves first(too earll to say now) but Supermax DID NOT fall deep enough to rebound highly. Adventa is lagging, Adventa will follow once the rubber-stocks reverses. USD at 3.16 now, rebounded from 3.14 days ago.

BJtoto : Cleared half at 4.17(average at 4.19) and ready to top-up Hai-O and TopGlove tmr. Will want to clear lionInd to look into JCY again as it is at 1.15 now, poor fellow.

10.25 pm : HSI closed 300+ points lower and DOW down 100+ points now. A123 back to my cost price while JASO down 8% in early trade.


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