FKLI 22th July 2009

As yesterday,
1 short position established @1144.5
took profit at 1137.
profit 7.5 points/lot

my stop at 1139 was never triggered.
now i wondering should i follow back my old styles.
main objective for trading is follow the system.

Results:
2 safe, 5 losses, 2 win.

FKLI outlook:
Daily chart forms Dark Cloud
15min chart break down from trend line but didn't have panic selling. only consolidate.
If 1148.5 is consider top. 1.5 points higher than yesterday, i consider that as false break.
If i look at 15 min chart, it open at 1148 but close at 1146. still same as yesterday.
If 1148.5 is topped, then i think FKLI might have a major correction.
There is the possibility to reach 957 region.

Strategy,
if FKLI gap up >1148.6, bullish, wait 15 min bar forms, if closing still above 1148.5, long, cut loss at previos 15 min bar low - 3 points lower.

if FKLI gap up >1137, temporary no more short intention until notice support break.

if FKLI 1131 < x <1137, stay out. if break 1131, then consider short while cut loss at 1139.

if FKLI gap down < 1126, sell signal confirmed, short after 15 min complete, cut loss at 15 min + 3 points higher.

Monitor,

Dow Jones closing.

Tuesday FED chairman Bernanke gives monetary policy testimony to the Congress.

Wednesday FED chairman Bernanke gives monetary policy testimony to the Senate.

Thursday FED governor Tarullo gives banking regulatory testimony to the Senate.
Weekly Jobless claims are released, along with Existing home sales and the UofM Consumer sentiment reading

Sunday FED chairman Bernanke is hosting a town hall event at the Kansas City FED.

Nikkei Opening.