Friday, November 7, 2008

Friday - Last Day of The Week


Friday - 7th November 2008
9.45 a.m. - Malaysian Time

The CPO ( crude palm oil ) futures for January's contract open at 1575 and closed at 1599 yesterday. The highest was at 1607 and the lowest was at 1548.

Since the market open not within the forecasted analysis, so I definiately could say that there was no money acquired yesterday. I did forecast that if the market were to open below 1599, the market would fall further but that did not happen. Anyway, there was a very clear pattern of 3 tops which the 3rd top occurred at 1607.


Today

In the long run, the market is still bearish but the very short term, I would say that the market is bullish. My forecast for today;

1) If the market opens between 1573 to 1597 - Buy after the market has retraced 8 to 17 points from the opening level. It would be more significant if the market opens more towards the upper end of the 1573 to 1597 levels. As usual, be careful of false alarm and do not forget your stop loss. If the market manages to beat the level between 1608 to 1615, the market may go further up. If the market manages to bet down the level between 1555 to 1562, the market may fall further. After opening, make sure your 8 to 17 points retracement does not pass down the level 1562.

2) If the market opens between 1597 to 1607 - Buy after the market has moved up passing the level between 1608 to 1615.

3) If the market opens between 1563 to 1573. Sell after the market has passed down the level between 1555 to 1562

4) If the market opens between 1608 to 1632 - Buy after the market has retraced a 'bit' and then moves up passing 5 points above the opening level.

5) If the market opens between 1548 to 1562 - Sell after the market has moved up a bit and then retraces 5 points below the opening level. The market may fall down further if it manages to beat down the level between 1533 to 1541.

6) If the market opens other than the above, it is your call.

7) If the market opens below 1540 - It is again your call. Any way, I would say the market may retrace further down and a black bar may occur today or at least in the early part of the trading day. Till this moment I still do not have the mechanism on how to enter the market, so very bad of me!!!!!

8) Also look for trendlines.....if not sure..just stay awayyyyyyyy

9) Please refer to #9 ( Thursday's Tips dated 27th June)

10) Also refer to #9 and #10 ( Tuesday's Tips dated 1st July)

Well, have a nice trading day.
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