Friday - 13th Feb 2009
9.30 a.m. - Malaysian Time
The CPO ( crude palm oil ) futures for April's contract open at 1915 and closed at 1928 yesterday. The highest was at 1945 and the lowest was at 1907. It was a white bar.
The market open at 1915, moved up a bit and immediately fell to 1910 ( see the graph as enclosed ). By 10.31 a.m., the market moved up again to 1915 . By 10.32 a.m., it landed at 1920. From 10.33 a.m. to 10.35 a.m., the market was linggering between 1913 to 1922.
If you refer to my forecast ( see # 5) yesterday, it indicates that a sell was preferred here and that was what I did . I put a sell at 1920 but insteads the market went against me, so I had to buy-loss at 1935. So, that was it guys, can't win them all!!!!
In the long run, the market is still bullish but the very very short run, it is bearish now. The forecast for day trading today is as follows;
1) If the market opens between 1907 to 1917. Sell after the market has fallen down beating the level between 1899 to 1904. Any profits, just lock them up.
2) If the market opens between 1928 to 1938. Buy after the market has moved up beating the levels between 1942 to 1945. The market may go up further if the levels between 1949 to 1954 are broken.
3) If the market opens between 1942 to 1963. Buy after the market has fallen a bit and then moves up 5 points above the opening level. If the market is to beat up the level between 1949 to 1954, the market may go further up ( applicable if the market opens between 1942 to 1948 ).
4) If the market opens between 1882 to 1903. Sell after the market has moved up a bit and then falls 5 points below the opening level.
5) If the market opens other than the above, it is your call.
6) Please refer to #6, 12th January 2009.
That's about it. If you are not sure, it is your call again.
P/s I am a big fan of Mel Gibson. I think you know why!
Have a nice trading day guys!!!!