Thursday - 10 July 2008
8.45 a.m. - Malaysian Time
The CPO ( crude palm oil ) for September's contract open at 3470 and closed at 3515 yesterday. The highest was at 3521 and the lowest was at 3439.
If you refer to my forecast yesterday ( see # 1 ), the opening was at 3470 and about 20 points from 3490 ( see # 1 ) , so you have 2 options here ; either to sell or stay away from the market :
1) Had you decided to enter the market , say by shorting at at 3477 - 7 points from opening with 10 to 15 points stop loss or at any points between 7 to 10 points from opening level - you probably would have made some good profits ( the market then fell to the lowest level at 3439 before climbing up again to close to almost the highest of the day ).
2) Had you decided to stay away from the market as you were not sure whether the market might move up to beat the level between 3490 to 3497 or not ( which indicated the market might go further up - in fact it did in the afternoon ) then you would be just fine. Don't worry, be happy ( just like a song in the 90's )
As for today, you just figure it out.
Have a nice trading moment today