Thursday - 8 May 2008
8.40 a.m. - Malaysian Time
The CPO market for July contract open at 3390 and closed at 3355. The highest was at 3408 and the lowest was at 3352.
If you refer to what I have forecasted in my last posting ( #1), the market yesterday open at 3390 and did retrace down the level 3364 to 3358 and a black bar was formed at the end of the day. I also have suggested that a sell could be placed here.As a day trader, this situation happened at the end of the trading day so it was not viable to place any position. In normal circumtances, the last hour for establishing a position is preferbably done , by latest , at 5.00 p.m.( well, again it depends on the volatility of the market, off course ). So no money was made yesterday ? Some say, it is better not to make any money rather than losing some money unnecessarily. The gap between Tuesday's bar and last Friday's bar has been partially filled, so what is next?
From my observation, the market is still in the bearish level but yseterday's market showed that it was quite reluctant to go further down. Today's market may have to depend on the opening of the day and its movement in the early day of trading. As for today, I think I better leave it to you out there to figure out the maovement of today's market. Those who have been following my blog probably may have the idea of how to take position today. ( Further more, I should not be revealing the forecasting of the market on this blog on daily basis, should I ? )
Have a nice trading.