Exciting outlook for Day 8?

Lots of reds today in the Asian markets. Not surprising though given Dow wasn't performing well day before. However, I still had some surprises. The FerroChina I bought is doing well, with good volume too. Quite please with that!

The SGX - Yanlord on the other hand fell, and had reached my auto stop point where I'm not too keen to keep it. I surfured a lost of 8%. *sigh! But I'm really grateful for habit of setting auto stop price. The speaker I heard last night was emphasising it even to the extend to suggest doing so before placing an order. It's very useful for me as the nature of my work does not allow me the luxury of monitoring the market as and when I like.

The other point I was going to bring up is the percentage of loss one is ready to sacrifice. Last night's seminar suggested at 8%. I guess everyone has a different risk profile, but being a less adventurous person, I am planning to keep it about 4% or less if it's a risky trade.

There are a few stocks under my watchful eyes. First is KLSE - Gamuda. It's showing classic rebound candlestick patterns, including clear support line turning into resistance line. I think long position is quite favourable as both RSI says it's still in uptrend.

SGX - Hupsteel is also demonstrating some strong buying signals. I am trying out the RSI as indicator theory I learned yesterday. Should it worked, shall keep this method.

I've decided to try a short position as well, with SGX - ChinaFish. It is definately in the downtrend at the moment and just broke the support line at $1.37 and no signs of recovery soon.

I shall be reading about position seizing soon....

Two tips of the day:

1. Toni TURNER - Beginner's Guide to Day Trading Online

2. There's a Invest Fair in Sg in the coming weeks on 16 & 17 August 2008... details at http://www.investfair.com.sg/about.html