Yesterday I blogged about the K Time twice and I mentioned at the end of the day I might have another chance on GLP and maybe CapMallsAsia. So at around 4 plus in the later afternoon, I once again shorted both counters using my K Time theory. At the closing 5.05pm, GLP was 2.10/2.11 and CapMallsAsia is 1.55/1.56. I did not took profit because I was using cfd and they close at 5pm not 5.05pm.
Dow went up 113 points last night, I was confident that when the market open, I will have a chance to either take profit or cut loss at 0 dollars, true enough, the market gave me a chance to take profits for both counters. The point here is to be nimble and react accordingly to market conditions. No hope, no greed, no hesitation but only quick fast action.
The market is entering a stage where me myself needs to intraday trade. Holding it for one day may caused profits to turn losses. At one end, I see it is coming down at another end I see it is going up. So it's mixed for me. The best is trade what you see and see what you trade. One needs to find the correct counters to long/short.
Look at Biosensor, after posting on it's distribution mode, now the price just broke heavily downwards. So it doesn't mean that if Dow is up a 100+ points, weak stocks like this will rebound. The best is to treat each chart individually and not to correlate. At least, this is what I think.
Ronald K - Market Psychologist - The Big Speculator