FKLI 30th July 2009

As yesterday,
sorry for didn't update my blog as my internet connection got problem.
my overnight position cut loss at 1177, loss 3 point/lot
i turn long @1180.5 but manage to cut loss at 1179, 15min low, loss 2.5 point/lot
and i turn short again @1174 and hold overnight. cut loss at at 1180.

Results:
3 safe, 0 con, 9 losses, 2 win.
as total: losses.

Outlook;
this uptrend is extremely shake out despite my wave count tells me it's topped.
today is the day confirm wave 3 complete, major wave 4 is expected.
however, due to past lossing trading experience, i decide to trade more carefully.

if wave if really completed,
we are aimnig
23.6%@1099
38.1%@1048
50%@1007
61.8%@967 ( possibility not so high as wave 2 already retrace more than 61.8%

strategy,
if fkli above 1161.5, expecting rebound, stop place at 1180.
aiming at 1167, 1170, 1174.5, if candlestick show some reversal signal, short at resistance, cut loss at previous high + 2 points.

if FKLI 1165.5 < x < 1156.5, hold short. sell on strength, cut loss at 15 min previous high.

if FKLI below 1153, candlesticks short signal, short, cut loss at 1165.5, but best is still 1180 levels.

if FKLI below 1145, short, cut loss at previous hourly bar high or 2 previous 15 min bar high.

monitor Dow Jones and Nikkei.