Wednesday, April 29, 2009

New Phase Now?

The CPO futures for July contract open at 2490 and closed at 2456 yesterday. The highest was at 2530 and the lowest was at 2422. The market ended lower and was a black bar.

The market open at 2490 at 10.30 a.m., dropped a bit to 2489, and moved up to 2507 ( see graph ) at about 10.31 a.m. It then retraced to 2489 again before shooting up to 2530, the highest of the day. The market passed the level 2500 to 2506 at abaout 10.41 a.m.
If you look at my forecast yesterday ( see # 1.1 ); you had 2 choices here, either to place a buy at about 10.31 a.m. or at 10.41 a.m. Had you placed a buy at 10.31 a.m. , which was quite unlikely with a stop loss of 20 points ( see # 6a, my posting dated 12th January) or at about 10.41 a.m., you would have been able to make profits of between 20 to 25 points.

Have a nice trading day, guys.....

9 - 8.48 a.m.

No comments: