Wednesday - 9th November 2008
9.43 a.m. - Malaysian Time
The CPO ( crude palm oil ) for January'c contract open at 1437 and closed at 1436 yesterday. The highest was at 1446 and the lowest was at 1400. Just 1 point down .
Since there was no forecast on yesterday's market. So just let it be.
There is something wrong with my streamyx, I have not been able to access to my computer for the last two days. Complaint has already been made upstairs, up to this date there is nothing to happen yet. So currently I am using my dial-up facility. Tm.net, oh, tm.net...
My forecast ;
1) If the market opens between 1400 to 1446. There have been 6 black bars for the past 6 days. Remember the swing strategy?( refer to my previous posts - I can't remember its where about ). So, if today the market opens within these levels and beats up the levels between 1447 to 1454, just buy here! The market may go up further and a white bar may be formed today or at least at the early part of the trading day. Don't forget your stop loss. It would be more significant if the market opens more towards the upper parts of the1400 to 1446 levels.
2) If the market opens between 1410 to 1435. Buy after the market has retraced 8 points after opening hour. A stop loss of 15 to 20 points. After opening make sure the 8 points retracement does go down beyond the levels between 1393 to 1399. Be careful of the false alarm. If the market manages to beat up the level 1447 to 1454, see the above ( #1). If the market manages to beat down the levels between 1393 to 1399, the market may fall further down.
3) If the market opens between 1436 to 1446. Buy after the market has beaten up the levels between 1447 to 1454 ( see # 1 as above )
4) If the market opens between 1447 to 1470. Buy after the market has dropped a bit and moved up 6 points above the opening hour.
5) If the market opens between 1375 to 1399. Sell after the market has moved up a bit and then falls 5 points down below the opening level
6) Other than the above, I simply just don't know, Mike! It is your call
7) If you r fimiliar with trendlines, look for a clear pattern first
8) Plese refer to # 9 ( Wednesday's Tips dated 26 Jun )
9) Also refer to #9 and # 10 ( Thurday's Tips dated 1st July )
If you are not sure, just consult your broker. ( licenced broker off course!) Or just call Osama but not Obama!
Have a nice trading day today!