8.58 a.m. - Malaysian Time
The CPO ( Crude Palm Oil ) futures for January contract open at 1699 and closed at 1677 yesterday. The highest was at 1727 and the lowest was at 1660.
If you look at the last 3 decending black bars ( from Tuesday to Thursday last week ) you should realise that these bars had the potentiallity of the 'swing strategy' to be applied upon but it did not happen. Do you know why? I think I better not answer that, you can figure it out yourself, can't you?
In the long run, the market is still bearish, so is the very very short term;
1) If the market opens between 1670 to 1717. Sell after the market has moved up 12 points above the opening level. Be careful of the false alarm, etc. If the market manages to beat up the level between 1727 to 1735, the market may move further up especially if it opens more towards to these levels. If see any profits, just lock them up! If the market manages to beat down the levels between 1654 to 1660, the market may go further down especially if it opens more towards to these levels.
2) If the market opens between 1717 to 1727. Buy after the market has beaten the levels between 1727 to 1735. See bold letters as at #1.
3) If the market opens between 1660 to 1670. Sell after the market has passed down the levels between 1653 to 1660.
4) If the market opens betweeen 1637 to 1660. Sell after the market has moved up a bit and then falls 5 points below the opening point.
5) If the market opens between 1727 to 1750. Buy after the market has moved down a bit and then moves up 5 points above the opening level.
6) If the market opens other than the above, it is up to you, I think I am going to sleep!
7) Also look for trendlines such as 3 tops/bottoms etc...., if you like.
8) Please refer to # 9 ( Thursday's Tips dated 26th June)
9) Also refer to #9 and #10 ( Tuesday's Tips dated 1st July )
That's about it. If not sure , do contact your broker, never to contact your ice- cream man or else he would have been an ice cream guy!
Have a nice trading!