The index broke out of its previous peak at 3873, closing with 97 points up at 3902, stronger than . People say it's officially a bull run now. So maybe this time, I need to find the faster horse :)
My bid at GMAP didn't get hit today after it met strong selling once it reached 8. I probably should have held on to my position in DMC which I sold last Monday at 24.20 as it still went as high as 26.10 before closing at 25.60.
I observed this week that my new trading system is not fit to trade this market behavior. It is only good in trading trending market in normal pacing so I need to figure out how to trade in this new environment.
Second month for the new trading system. I am hoping for a buying opportunity by Monday or Tuesday.
Be careful when everybody is convinced that it's the bull market already. That usually indicates the peak. People become complacent in the "bull market". The bull actually came last year. Not everybody believed, the market went on higher. Now, everybody seems to be saying it's the bull market already. That scares me. Call me chicken, but I'd be more cautious now.
ReplyDeleteWell, I am still unsure on what to do now. I'll be more confident to trade if the previous high at 3873 holds. I read somewhere that bull runs last longer than bear dips though.
ReplyDeleteAnyway, it's never wrong to be careful just like you said. :)
The thing is, the only thing keeping our market up there is the foreign funds. When they stop buying, that may be the peak but not necessarily the end of the bull. It may form another higher low somehwere after the correction. I heard we're only on the third wave. So, there should be the fourth wave (correction), then the fifth wave (continuation). Hihihi! Good luck on your trades, Sam!
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