Its been 3 week after my last update. We have experienced the bull run over last 3 week whereby my DJI position also got stopped out. However it might be too late to turn contrarian as for now. I will continue to monitor further with no position on hand in the US market. For the upcoming week, I will share my view on STI and two individual counters. I may enter if the candle showing any entry signal.
So lets begin with the charts.
DJI: I got stopped out from my short position at 17k where by the candle closed above the short signal on 17 Sep. I will stay out right now to monitor further before any action.
STI: Its been uptrend for the past 2 week till it come to the first resistance level 3050. The first resistance fall nicely into the Support turn resistant line plus 38.2% fibo. As for now, STI fall into the conjunction of both bull and bear decision. If 3050 successfully take over, it may continue to trend upward to the next fibo at 3150. (I will remain sideway till a clearer picture)
DailyFarm: There is a channel position form in the weekly chart. Nicely fall within the channel.
Long: $6.3
SL: $5.9
Final TP: $8.1
RRR: 4.5
Ho Bee: Weekly showing uptrend remain intact. Eyeing for opportunity to long this counter.
Long: $1.97
SL: $1.91
TP: $2.07
RRR: 1.667
Overall: Market still in between the bull and bear season since after US market index break below 200MA.
Watch out for the earning reports in US market and continue to monitor any sign of rate hike during the FOMC. Investors believe the Fed may push back the rate hike till year 2016. However as a trader, we continue to stay nimble and be strict in our stop lost to protect ourselves against any unforeseen news.
You are remind to trade base on your own risk. Plan and Trade well :)
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