FKLI 17th July 2009

As yesterday,
i didn't long when market open at 1112 ( > 1110 level)
but i turn short when FKLI break support.
this is against my previous planning.

Short position established at 1115.5.
cut loss remain put at 1022.5

Results:
2 safe, 4 losses, 1 win

For FKLI,
FKLI seems temporary topped around 1120 levels.
Expect FKLI would retrace/ fall tomorrow.
This is meant to confirm if it's beginning of new uptrend or almost tail-end.
if holding above support, then market should be new bull run,
if break support, then very likely market will have sharp retrace.
'Almost' shooting star formed in the daily chart.

Strategy:
Short term trading is short.

If FKLI >1121.5, long signal, long, cut loss at previous 15min bar low - 2 points
If FKLI <1121.5, holding short position. stop remain unchange.

If FKLI >1106, stay out from FKLI, prepare to take profit. clear position
If FKLI <1106, short signal, add position. cut loss intraday trade at 15 min bar high +2 points while overnight stop remain same until resistance break.

Monitor,
Dow Jones closing.

Friday Options expiration , Housing starts and Building permits will be released.

Nikkei Morning opening.