Below shows the STI index. Poised for a retracement. Possible entry points, 166X, 163X there abouts. I like the 166X support level, as it is the gap support, near to ema 50d support and a trend line coming from June/July last year (touching jan high this year). Could be significant.
The chart below is for HSI. Same pattern as STI.
2 comments :
Hi LP,
Just co-relate STI with US market and you will see that it is an almost PERFECT co-relation in terms of trend, +/- a couple of days.
That is the reason Y as a CANSLIM follower, I use the US market as a gauge to decide when I should enter or exit the Singapore market. It is another ball game altogether in the US.
I chanced upon this while working in the US a few years ago and started reading the book How To Make Money in Stocks. There were examples of market tops that was shown and I co-relate it back to STI and viola! I got a good trading system. (notice NOT GREAT or PERFECT cos' no one system is perfect and error free).
This has helped me avoid all the falls in 2008 by closing all my longs ahead of big market falls.
Currently reading 2 interesting books - The World is Curved and Common Wealth. You might want to pick them up. If you got good book reads, please also send me a sms. ( I have stopped posting in Huat for while, taking a break lah and might not get your messages if you leave one there).
Cheers,
mm
Hi mm,
Nice of you to drop by :)
I will definitely read the book again. It's one of the first book I've read when I started on this game, so I think the insights i'll get from it will be different.
Will keep in contact with you thru sms :)
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