China Aviation just appeared in the scans with the first valid signal!
FOMC tonight at 3am(SG time Thursday morning 3am), so I hope you kept a light portfolio of counters.
FYI, chance of an interest rate hike is very high, so unlikely to have any surprises.
But then again, anything can happen in 2016!
It’s not fair to the students who actually pay to have access to the TradersGPS system, so I am just going to highlight 1 or 2 interesting set ups a week.
Mainly for educational purposes so students are able to observe the practical application of the system.
We’re still hanging around this level, probably will make another run at it.
Then we’ll have to see if it holds for the next leg of this run up.
Back in the consolidation, I hope you took some profits when price was above $1.
I think we could see a retracement back down to 0.90, so I’m scaling out. Can put the position back on again later.
Price is still resting just under 2.28, follow the system, this needs some patience.
Can consider scaling out a little, especially if you think STI will get rejected and drop.
Mentioned in previous post that it was losing steam, this position is mostly closed with small profit.
Reducing exposure to control risk in the face of unfavourable odds.
2nd signal did not trigger, and I would not consider any long entry on it right now.
Will see if there is a 3rd valid arrow to consider long again.
As warned, if STI got rejected from this level, OCBC would drop.
So I hope you took some profits off the table.
Leave part of your position running to follow the system.
It’s still holding up here, resistances coming in around 3.08 and 3.12 for a start.
Still testing our patience, but follow the system.
This is a grinding slow trend, you can chose to exit this position if you find it’s not worth your time.
I will be reducing exposure on this position, that 1.51 level seems to be holding prices down.
It’s falling, this is a hedge in case STI drops from here.
Levels to watch are $0.81 and $0.78
Yesterday’s move was tough to hold through, but if you did, kudos to you!
Massive discipline to follow the system.
We are approaching a major long term resistance level.
Breaking through will not be easy, but if we do break, it will likely be a big move.
The trend has been strongly up, retracemnt since August.
It’s the first valid buy signal.
However, price has not done anything significant yet and is still in the range.
I would prefer to take signals after price has broken through 1.475 at least.
So in the meantime, it is definitely worth keeping an eye on.
You may choose to scale into a position if you believe it will go up from here.
Good trading folks!