Wednesday - 23th July 2008
9.25 a.m. - Malaysian Time
The CPO ( crude palm oil ) for October contract open at 3230 and closed at 3252 yesterday. The highest was at 3294 and the lowest was at 3225.
After opening, the market moved up steadily to reach 3251 before retracing down to the lowest of the day at 3225 before bouncing back to almost the highest of the morning session at 3273 ( the highest was at 3274 ). In the afternoon session, the market open at 3285, retraced a bit to 3272 and then shot up to the highest of the day at 3294 before settling down at 3252.
If you look my forecast yesterday at # 3, it indicated to "sell after the market has passed down the level between 3218 to 3226 ". There were 2 options here ; 1 ) Had you decided to sell at 3226 or 3225 then you would have ended up losing your money 2) Had you decided to sell other than the 2 levels mentioned above, then you would have ended up with nothing to loose. As for me, I managed to short at 3225 with a stop loss at 3237. Immediately after that, the market started to move up and never to turn back anymore and my stop loss triggered at 3240. So, I was poorer by 15 points! Well, that's it, you can't win them all! Anyway the market did end up a white bar . ( refer to # 2 ) . As for trendlines, there were no clear pattern of any signs yesterday.
So, are you still interested to know my forecast for today ? Well, the market in a very very short term is now bullish. So my forecast ;
1) If the market opens between 3254 to 3283. Buy after the market has fallen a bit probably between 9 to 19 points after opening. Be careful if the market manages to beat down the level between 3237 to 3245 especially if the market opens more towards the lower end of the "3245 to 3283" levels. If this happens, the market may retrace down but the market may rebounce back probably around the level between 3220 to 3240. If it does not, then it would retrace further down.If the market manages to beat up the level between 3294 to 3300, especially if the market opens more towards the upper end of "3254 to 3282 " level, the market may go further up and a white bar may be formed today or at least in the early part of the trading day.
2) If the market opens between 3283 to 3294. Buy after the market has moved up passing the level between 3294 to 3300. If this happens, see the bold letters as in #1
3) If the market opens between 3245 to 3254. Sell after the market has passed down the level between 3237 to 3245. Just be careful the market may rebounce probably around the level 3220 to 3240.If this does not happen, the market may drift further down .If not sure, just stay away from the market.
4) If the market opens between 3294 to 3330. Buy after has fallen down a bit and started to move up passing 3 points above the opening points. See the bold letters as in # 1as above.
5) If the market opens other than the above . It is your call , I don't know, man.
6) Besides or if you feel not wanting to follow all of the above, you can also look for a clear pattern of trendlines especially the 3 bottoms in afternoon session.
7) At the end of the day, if the market, after passing up the level between 3294 to 3300, does not end a white bar, the market may be in sidelines from now on.
8) Please refer to # 9 ( Thusrday's Tips dated 26th June )
9) Also refer to # 9 and # 10 ( Tuesday's Tips dated 1st July )
That's about it. If you are undecided kindly contact your broker, never to contact any of your "bomohs" as these people are nothing but $%#@!&^*..
Have a nice trading day!
Any way if you happens to know any bomoh who can focus the direction of the market, may can contact me lah......