Anthony Robbins: Unleash The Power Within

I will be attending the Anthony Robbins seminar this weekend!
4 days starting today, that’s why I wanted to end my trading week now, so that I could focus today during the seminar.
If any one of you are going too, do drop me a comment or something, maybe we can meet up during the course of the seminar.
Otherwise, I will try put up a post about my experience next week after the seminar to let you guys know how it went. =)

Btw, I end the week slightly positive with +32.5pips, with an average positive R multiple, but it’s dangerously close to zero.
This is a far far cry from where I need to be. I need to be 10 times more consistent and profitable!
The STI has broken the supporting trendline, trade cautiously.

Have a great weekend!

STI 12 Aug

The range for the STI just got even narrower, I really do think there’s a nice big volatility breakout day coming very soon.

Big move on the STI coming?

I got 38 results from the NR scans today, yesterday there were about 26
This is coming after STI has made some retracement to the 2550 levels.
Perhaps ready to bounce up again?
A lot of counters have triggered the 3-5 bar setup today too.
(This is one of the setups taught at AAT)
Plays for 12th Aug

Too many counters with the NR to put up all the results.
So I’m cross-referencing them with the more volatile counters with likely higher profits.
Top 5 in terms of profit potential are Venture Corp, DBS, Ezra, Swiber and Yanlord.
However, Ezra and Swiber both broke the previous bar’s high, however it retreated back down and closed under the high.
So I’m gonna filter them out of the list.
That leaves us with Venture Corp, DBS and Yanlord

Venture
Long bias, 3-5 bar drop setup triggered on tuesday, watch out for continuation to the upside if high of yesterday’s bar is broken or using ORB or stretch.

DBS
Long bias, would trigger long if high of yesterday is broken or using the ORB or stretch to trigger.

Yanlord
Can you see the fake break above the last high here last week? It was confirmed the next day by a bearish engulfing candle.
Appears to be bouncing off the 50sma
long play on high of last bar broken or stretch or ORB.

Market’s running down at last!

The long awaited retracement finally started earlier this week. My apologies, I was totally preoccupied with personal matters therefore was unable to post any updates.

Attached chart of the STI, we’re down to 2550 there abouts, the end of next week or the week after should present some opportunities for mid to long term investors to get in. Swing traders as well, watch out for any long side trade setups. In the mean time, if you have any short side positions, ride it while it lasts, I’ll be watching the 2500 and 2450 levels to find some support.

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.

STI 2nd August

Here’s a quick look at the STI.
I think we’re approaching a significant level, explainations on the charts.
A lot of NR results once again, there’s definitely gonna be a big move coming soon.
Just a matter of which direction.
Will elaborate on the NR picks in the next post.

Market Exuberance on the STI

On the daily charts we can see there was a pretty little triangle pattern which made a strong break to the upside.
But do you notice the divergence with volume?
Price is rising on falling volume, this usually indicates weakness in the rally.
(refer to pic for a better idea of the triangle and price-volume divergence)
If today’s candlestick forms a doji, I’d take some profit off the table.
It’s the weekend! Take the money and spend it all!! (well ok, save some as well..)

I was expecting more of a retracement after the break before taking any long entries.
However, it seems that the market exuberance has fuelled yet another monster rally.
Instead of chasing the markets, I am more inclined to be patient and wait for a retracement.
I might miss the lows this time, but it’s perfectly fine!
As a trader, I’m looking to trade movement, be it buy low sell high, or buy high and sell higher. It still produces the same result, profits.
The only difference is in risk management, chasing the market would mean accepting 2 disadvantageous implications.
1) you’ll have a wide stop.
Unless you’re willing to take on a bigger loss, should this trade go wrong, this probably means you’ll take a smaller position size.
2) smaller risk/reward ratio
Regardlss of where you entered the market, the level of the next reasonable target resistance area remains the same.
Therefore by taking a late entry, you’re
a) lengthening your distance to your stoploss
b) shortening your distance to profit
your risk/reward ratio will become more unfavourable.
 
Btw, for the adventurous ones, during this period, you could take advantage of the volatility to do some intraday trading as well.

Be well and trade well!
Ferrowolf

triangle and volume divergence