Thursday - 19 June 2008
8.30 a.m. - Malaysia Time Zone
The Crude Palm Oil's ( CPO ) September contract open at 3665 and closed at 3640 yesterday. The highest was at 3680 and the lowest was at 3639.
If you look at one of my forecast yesterday ( #1) which indicated "If the market opens between the level 3650 to 3682. Sell after the market has moved up " a little bit " ( between 9 to 20 points ) from opening level.", the market yesterday infact open at 3665 and at about 11.00 a.m. shot up to the highest of the day ( at 3680 - 20 points after opening ) at noon before retracing down to almost the lowest when it closed at 6.00 p.m. Had a sell position been placed at this range ( between 9 to 20 points from opening level i.e from 3669 to 3680 ), a very good profits would have been able to be made indeed. Anyway , as the strategy focuses more on taking position after opening level ( see one of my previous postings ), I would probably do not recommend to place a position here especially at noon because the risk is higher here. Any way, some people say risk is every where in futures trading, even your life is full of risks!
As usual, I am not in the position to make any forecast today. Those who have been following my blog may probably......blah..blah...
If you are not sure , please contact your broker but never contact....blah....blah...blah...
Have a nice trading day!!!!