Had my calendars filled with stuff this weekend and attending a friend's wedding tonight.
So I thought I better finish the summary and the weekend update while I still have a few hours to spare now. So lets move on to the program!
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30 Mins FKLI Chart
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30 Mins Cash Chart
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Daily FKLI Chart
Alright we traded to these following levels today:
Opened: 1582
High: 1583.50
Low: 1572
Closed: 1575.50
Alright.. Look at the cash chart and you would know that it was a freakish day. But if you were using simple trend lines, that would have kept you on the right side of the market.
We open 1582 despite US futures being down hard. We even made a new high of 83.50.
After Cash opened, we started to drift lower for the rest of the day. We were trading around the 79 and 80.50 area before we broke down further to 76 and closed for lunch at 77.50.
We opened lunch at 76 and not long after that, cash flashed down 10 points and we made a low of 72. We recovered from there as cash went back to its original 84 level and we touched an afternoon high of 78 before closing at 75.50.
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This week was a really tough week to grind out profits. With a combination of so many factors like our market being supported despite the regional falling like lead, and more importantly, when prices are trading at the 20ema, prices are going to get choppy. I hope that we have a nice breakout either side of the market soon for a clearer trend to trade.
We closed below the 20ema for this Friday's price action, but we also made a long tail as the support held nicely.
If we can break below 70-72 area nicely, then we might have a nice down swing to come.
If a break and close above 83-85 area, we might have a chance of upside swing.
I was just discussing with one of my trader Teo that with the election coming up, the upside seems to be quite limited, more so if the opposition wins more seats, etc. So we might be looking to find any push up as an opportunity to sell at a better price.
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So see you all tomorrow! Get rested for a fresh week!
Best Wishes,
Tech Trader
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