Friday - 25th July 2008
8.55 a.m. - Malaysian Time
The CPO ( crude palm oil ) for October contract open at 3041 and closed at 3113 yesterday. The highest was at 3127 and the lowest was at 3041.
Immediately after opening, the market started to move up in a very fast and in a very steep gradient and when it reached 3070, the market was a little bit stable before going up again to 3080 ( at about 10.35 a.m. ). At this level the market was a bit "ding-donging' before it fell to the level 3062 ( at about 11.00 a.m. ). The market then moved up again to close at 3084 for the morning session. The market open at 3074 in the afternoon session, continued to move up and finally settled at 3113.
If you look at my forecast yesterday ( see #1 ), the market managed to beat up the level 3126 and it did end up a white bar eve nthough this happened almost at the end of the trading day. In my forecast I also did mention to sell 'after the market has moved up 15 to 35 points from the opening level' ( and a stop loss of 20 to 40 points ). Since the market, after opening has moved up in 'a fast and in a steep gradient '( see # 9c dated 26th June ), it was not adviseable to put a sell here. Had a sell position been placed, say at 3070 ( because there was a market stability here )or below you would have ended up losing money but had you placed a sell at about 3075 ( after the market has retraced from the level 3080 - at about 10.40 a.m.), you might have ended making a small profits of at least 10 points. Well , it is easier to say when things have already happened, don't you think so ?
What I have been forecasting for this week have not been fruitful to my expectation, so today I feel like wanting not to say anything on today's market performance. I also feel like wanting to yell and shout aloud .....I would probably do so if I am to live in a jungle..something like Tarzan.
Have a nice trading day today!!!!