Today STI still can't be seen from yahoo nor poems. STI broke 3300 resistance to close down 24 pts at 3287 with a volume of 2 billion.
Did a stupid trade today. Out of nowhere I suddenly went to short yzj at 1.71, but had to cover at 1.73 because what I had expected didn't happen. I wanted to see yzj break support at 1.71, but it didn't happen. Grey said that my entry and exit points are cocked up; I totally agree. I shouldn't have chased it from 1.76 all the way down to 1.71. If I missed it, that's it...in the emotional desire to short it, I increased my risk so much that the rewards isn't worth it.
I knew that my breakeven is 2 bids down, but that is my reward for pre-empting the breakdown of 1.71 support line. Heck, I should have shorted since 1.8 something when it broke out of the descending triangle...missed it, that's it. All the GREED, FEAR came out in me. I'm only glad that I realised it's a foolish deal and cut myself loose out of it before I lost more money and psychological edge. I felt immediately better. Why? First, I didn't hope. Second, I already know why cut loss in case it didn't happen to act according to my plan. Thirdly, I did cut loss.
Spending $170 for a whole year's worth of excitement should be worth it. I'm now more determined not to trade.
Market big sale today. Not a lot of stocks are left standing green, most are left in their pool of red blood, especially s-shares. Maybe pple are sick of QDII funds. Once bitten, twice they start to short, haha :)
HSBC dropping to 123.6 HKD. Dow -145 pts now on more writedowns to the tune of 15b USD by ML. Black monday next week.
Friday, January 11, 2008
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3 comments :
Hi LP,
I almost wanted to buy YZJ on Friday but I believe it will drop further. When do you think is a good price to enter?
Cheers!
Derek
Derek,
I don't have my charts with me now. But I do know that Monday will drop further. It's teasing around with support at 1.70/1.71, so if it breaks that, the price will fall further.
But why buy that? I'm not sure about the business...but if it's the same as NOL, then have to be careful. Decreased US demand, high shipping cost (due to high oil price)...might squeeze the margins :)
Hi LP,
Good question. I only know that YZJ build ships, very high volume and is now part of the STI index.
Reason for buying is because STI should have a technical rebound and this will be one of the first stock to go up if that happens.
The short term price will be affected mostly by market sentiments, hence I didn't really go into the details. I will consider this speculation rather than investing.
;)
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