Because of the losses i am taking on my recent trades, i am watching very closely on STI to see where will it ultimately end. Finally the picture revealed itself. I won't say today is the end of the rally or further upside is impossible, but today i believe is the day one should look for some short. The daily chart gave me an overall picture of the imminent downturn, however the minute chart double assured this possibility. I was late to short again, however i managed to squeeze my shorts in the last 30min before the market closed.
Cosco and Noble looked like they had ran their upward course. Both stocks revealed big sellers are secretly trying to bring this stock for a reaction. A reaction might or might not come tomorrow. However, i am looking to short into strength if any rally occurs, which i think is highly unlikely. The upside is pretty limited. And finally, there were scripts in CityIndex for shorting Cosco! Let's watch for tomorrow's action.
Ronald K
Update
Minutes after making this post, i received an email from ChartNexus as shown below.
It Was Reported That STI Could Be Forming A Bull Trap - Is It True?
Noble Grp
Dear Traders,
Recently, it was reported that STI could be performing a Bull Trap. Bull Traps are dangerous because it's a bear rally disguised as a bull rally. While seasoned traders can easily tell how to identify and avoid bull traps, novices do not have the experience to do the same. Therefore, what happens is that they are trapped in long positions when market suddenly plunges. That's why it's called a bull trap.
However, how do we confirm that the bull trap is indeed forming? As technical analysts, there are two secrets that our traders look out for.
Join us for our FREE 2-Hour Seminar as we reveal these two secrets!
Dear Traders,
Recently, it was reported that STI could be performing a Bull Trap. Bull Traps are dangerous because it's a bear rally disguised as a bull rally. While seasoned traders can easily tell how to identify and avoid bull traps, novices do not have the experience to do the same. Therefore, what happens is that they are trapped in long positions when market suddenly plunges. That's why it's called a bull trap.
However, how do we confirm that the bull trap is indeed forming? As technical analysts, there are two secrets that our traders look out for.
Join us for our FREE 2-Hour Seminar as we reveal these two secrets!
