Friday - 16 May 2008
8.40 a.m. - Malaysian Time
The CPO for July open at 3518 and closed at 3521. The highest was at 3542 and the loweat was at 3498.
Yesterday the market open not within the forcasted analysis so , theoritically, there was no trade made. No trade means no money was profited. As I said in one of my postings, make no money is better than losing some money unnecessarily especially if you enter the market without proper analysis of the market or if you are not sure of the trend but may still like to try your luck.
Anyway, if you look at the trendlines, there was only one clear pattern of 3 tops which occured at about 3.50 p.m. but the confirmation on the shorting position only happened after 5.00 p.m. As a day trader , this is not a good time to day trade due to several factors such as the volume, timing and volatility of the market which were not that encouraging.
Since today is the transition day from July contract to August contract and also the current methodology used in this blog to enter the market may not be appropriate, I would rather prefer not to forecast on today's market direction. To some traders, today is considered as a rest day.
To those of you who still like to trade today.....have a nice trading day.