A bet on the market

Seems to me the people in the market are either staying out now or are betting on the outcome of the Fed meeting from the posts made in the channelnewsasia forum. It just occur to me that forum is a good place to gauge the general sentiment of the market beside looking at the charts.

The Straits Times Index seems to be supported on the previous downside gap now. Volume is picking up as the index moves higher and that is a healthy sign.

Straits Times Index:


In my opinion, the outcome of the Fed meeting does not matter. If the outcome turns out to be bad, the market is likely to gap down and it will be a good chance to buy counters cheaply. If the outcome turns out to be good, the market will gap up and i can ride on the momentum.

On a personal note, i sold off my indoagri today. I decide to lock my profits in instead of leaving it to the outcome of the Fed meeting. But i sold at near the low of the day and that was a lousy move. I think i need to have a exit plan cos i been thinking too much about the entry plan. Even during intra day movement, i have the tendency to sell during dips cos the fear in me sets in. When it dips lower, i am scared that it dips even lower and will have the tendency to sell. When it goes higher, i always hope that it goes higher and higher and refuse to sell. Currently, no stocks on my charts seems viable to enter. I am looking at some charts with some probable flag formations. I am beginning to think that sometimes it may be possible to ride onto a counter if there is a strong momentum in the counter on the opening without analysing the counter throughly. Biosensors would be such an example that i observed. I saw it appearing in the top volume a few days ago out of nowhere. I did took a look at the chart but it was not attractive to me. However, it has been appearing consistently at the opening in the top volume list so maybe i should have ride it's trend. I guess i need to do more paper trading on whether this is viable.