Wednesday - 11 June 2008
8.40 a.m. - Malaysian Time
The CPO's contract for August open at 3647 and closed at 3530 yesterday. The highest was at 3679 and the lowest was at 3530.
The market open at 3647, retraced down a bit and immediately moved up in a fast and steep gradient to reach the highest of the day at 3679. As I mentioned in my forecast yesterday, if you see this kind of movement, it is better for you to be careful as this movement could be a false alarm. A position can be taken after a second attempt. In fact a second attempt did occur at about 11.00 a.m. If you refer to my forecast ( #6) yesterday, the market open between the level 3624 to 3648, it would mean "sell after the market has moved up between 9 to 20 points after opening " ( opposite of #4 ). Had this position been taken at this second attempt, you would have made quite a profits even though I did mention to lock up your profits immediately after seeing "some" profits. Alas, had you waited further you would have made a lot more of profits! ( If not sure just lock it up, man ! )
How about today then? Well, I guess, for those of you out there ( if there is any ), who have been following my blog probably may have the idea of how to enter the market.
If not sure contact your broker .......but never your family doctor ....especially if your wife likes to see him on frequent occasion.
Have a nice trading day!