Tuesday - 10 June 2008
9.10 a.m. - Malaysia Time Zone
9.20 a.m. - a little bit of updating
The CPO market for August's contract open higher at 3685 and closed at 3660 yesterday. The highest was at 3700 and the lowest was at 3648.
Since the market open not within the levels which I have suggested, theoritically, there was no money made.As for trendlines, there was "quite a clear formation" of 3 bottoms where the third bottoms occurred immediately after lunch. I guessed it was more of a gamble if you had taken the position of placing a buy at this level. If you had placed a buy here, though the formation was not that very clear, you would have made a very handsome profits indeed. As usual if you are not sure, better stay away from the market. You can be lucky once today but you may not be so twice tomorrow.
How about today? you may ask. In a very short term, I would rather say the market is still in bearish situation.
1) If the market opens between the level 3660 to 3690. Sell after the market has moved up between 9 to 20 points after opening. Lock up for profits immediately as the market may rebounce. If the market manages to beat up the level between 3700 to 3707, the market may move further up and a white bar could be formed today.This would be more prominent if the market opens more towards to the level nearing 3690 ( put a buy at this level - 3700 to 3707 ). If the market then moves further up and beats the level 3740 to 3746, the market may go further up. If the market beats down the level between 3640 to 3648, the market may go down further especially if the market opens more towards to level nearing 3660. If you see any profits, quickly lock it up as it may rebounce back.
2) If the market opens between 3690 to 3700, buy after the market has beaten the level between 3699 to 3706 .
3) If the market opens between the level between 3648 to 3660, sell after the market has beaten the level between 3640 to 3648.
4) If the market opens between 3700 to 3726, buy after the market has fallen between 9 to 20 points after opening or buy after the market has fallen " a little bit" and later moves up beating 3 points above the opening level.
5) If the market opens above 3726 and later beats the level between 3728 to 3735 or open between 3738 to 3764, the market may move further up, see # 4 as above.
6) If the market opens between 3624 to 3648. See #4 but it must be done the opposite way.
7) If the market opens below 3624, it is your call but I think the market may end up a white bar.
8) If the market open above 3764, it is your call. I do not know what to say, I am speechless.
8) Don't forget your stop loss of about 10 to 15 points. If the market moves up or down in a very fast and steep way beating the forecasted level, just be careful, it could be a false alarm. Look for a second attempt.If not sure , can look for trendlines such head and shoulder etc...If you see any reasonable or intended profits, just lock it up immediately as the market may go against you. If you want more money buy more lots ( the same applies if you loss them )
That are my forecast, I could be right and be wrong. I have been rights for so many times and I have been wrongs also for so many times. If not sure .... consult your broker but never your "wakil rakyat"- they are ....%$#@!*&^
Have a nice trading!!!!!