Plays for 3rd August

Lotsa results on the NR scan, I see that most of the charts are basically doing flags or consolidations.
Flags are continuation patterns, so it seems like there will be another test of the highs for these counters.
SGX seems to have broken above the last candle, this triggers a long swing, tho i wouldn’t swing it long when the STI is so close to resistance.

Parkway Holdings has been testing the 2.12 level for the past 3 sessions. this play is interesting, break of 2.12 could signal further upside.
Volume dipped on the last trading session which formed the NR..something’s up, nobody wants to play cos they’re waiting for some direction from price.
Break of 2.12 might result in a lot of sideliners jumping in, that could send price a lot higher, but long swing trades don’t appeal to me until we have a clearer market outlook from the STI. Break of 2.12 might be a fake break, but i think it’ll be worth playing at least on intraday volatility.

Hiap Hoe
Price has over extended it seems, a break below the last low could be a good sign that price is weakening.
For this counter, it’s quite clear that spikes in volume preceed retracements.
Right now we’re seeing a very strong amount of volume, so perhaps a strong retracement could follow.

Allgreen
Looks really interesting as well, long tailed doji can be seen testing the high made 3 candles before it.
A break above 1.27 could yield a profitable long side play.
A break below 1.18 could lead to a profitable short side play.
Check your risk/rewards before taking any trades.

Sembcorp Marine
Similar movement to SGX, however it closed on last week’s high.
The last high was made in june at 3.16
So it’s facing resistance now, should be good if it break that.

But again, I’m a little apprehensive about long side swing trades at the moment.

Something to watch for tomorrow

Well now, STI is still on the run upwards! 2600 resistance, might reach this week then fall back.
There’s a slight divergence of events, the STI is making new highs, but some counters are failing to break the highs seen at the start of June.
But we’ve seen quite a few days of strong upward moves, I’m still inclined to think there will be a retracement very soon. I’m seeing many long tailed dojis around.
but in the mean time, that shouldn’t stop us from looking out for trades to the upside. Although i’ll be keeping my exposure time to a minimum to avoid any drastic drops.
Btw, DBS was an NR7 yesterday, but the parameters of my scan capped counter prices to $5 so I didn’t see it. did a nice 30c run.
Allgreen didn’t trigger today and I wasn’t comfortable going long on Noble, seemed like a lot of big throw downs, so no trades taken today.
Anyway I spent half the day out and about.. down with flu and still running around.. super tired. (no worries, it’s not H1N1 =p)

NR scans only came up with Osim which looked interesting with the potential for a short term swing if it continues on its way up.
Simple swing trade trade plan would be trigger on break of today’s high, 0.475 with a stop around 0.43.
First target would be 0.52 then 0.565
timeframe by end of this week.
Intraday play would be either the ORB or stretch 2 bids above open, with a stop of 4 bids, targeting 6 bids.
To be conservative, my entry would be taken after first 30mins of trading.
Personally, my trading plan would be to do an intraday trade on this, I’ll take half profit at 6 bids and move my stop to breakeven.
At the end of the day if volume is high, then I’ll swing it for a day or 2 for more profits, targetting 0.52 and 0.565 or until friday.
For the record, I do NOT encourage people to follow my trade plan, especially for intraday.

Looking ahead!

Well, the market’s flying..i’m still waiting for that retracement.
looking for some countertrend trades.. but there’s not a lot to see
maybe can try a quick one on Allgreen, chart attached. some property counters are showing less bullishness now.
The DJIA managed to stay above 9000 with a successful intraday double bottom on the 9000 level itself.
This is a very bullish indication, but note: if 9000 fails, we’ll be seeing a nice big retracement on our side too.
on some of the individual charts, there have been reversal signals..or that some didn’t get the lift needed to break previous resistances.

now looking at next week, because of the recent run up in most counters, I’m waiting for some NR signals for a shortside trade.
Currently nothing looks very good.
But after eyeballing some charts, I found Allgreen interesting.
it’s a counter trend trade, so not very good stoploss and profit target levels, quite a low risk/reward ratio of 1:1 thereabouts. However, price is currently very far away from the moving averages, and the long-tailed doji is a strong reversal signal which happened completely outside of the bollinger bands. So i’m very interested to see how this plays out.

Watch out, I’ll be putting on more articles to fill up the content of this blog, please do come back regularly to check what’s new! =)

P.S. edited this post a little to make it understandable, because i wrote while half asleep..=p