The CPO ( Crude Palm Oil ) futures for September contract open at 2268 and closed at 2336 yesterday. The highest was at 2340 and the lowest was at 2267. The market ended higher with a white bar.The market open at 2268, immediately dropped a point to 2267 , the lowest of the day, and
then moved up to 2315 before closing at 2315 again before lunch. In the afternoon, the market kept moving up to the highest of the day at 2340 before finally settling down at 2336. ( see enclosed graph ).
If you look at my forecast yesterday ( see #1), the market open exactly at 2268 and managed to beat up the levels 2291 to 2296 at about 10.40a.m. If you were to place a buy position here as suggested, you would probably have made profits from 15 to 20 points just before lunch and had you decided to prolong in the afternoon, the profits could be from 15 to 50 points. How about me ? You may ask. Well, if you could regain your loss on the day before yesterday plus some profits, what more can you say. The market did beat up the levels between 2304 to 2310 ( see #1 ) and also move further up.
Have a nice trading day, guys....
P/s ......????
8-9.50a.m.
2 comments:
Nick,
I have one question to ask you.Why don't you predict the market prices during the trading hours and publish the prediction on your blog?
RJ,
Frankly speaking, I would rather prefer to do what I am doing now because if I am to do forecasting during the trading hours, it may lead to manipulation ( right spelling? ) because I am not very much an honest person when it comes to this kind of strategy. e.g If I were to place a buy position at , say, 11.00a.m. at 2500 points and I posted to my blog, then the market went up to 2510 and immediately fell to below 2500 and I sold at,say, 2480. I made a loss of 20 points. In my next posting I could say that I sold at 2510 and made profits of 10 points. Besides, If I made a loss, I could simply tripple my positions
and if I loss again, I simply double tripple my position and so on until I made profits. After deducting the losses, I would still come out a winner!
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