Friday, July 31, 2009

Further Up ?

The CPO ( Crude Palm Oil) futures for October contract open at 2111 and closed at 2145. The highest was at 2155 and the lowest was at 2098 yesterday. The market ended higher and was a white bar.

The market open at 2111 and immediately dropped to 2098, the lowest of the day, before shooting up to close at 2118 just before lunch ( see enclosed graph ). After lunch, the market kept moving up to finally close at 2145. Well, yesterday I made a loss of about 20 points because I placed a sell position at 2106. After placing my position, the market started to go against me by moving up and I had no choice but to cut loss at 2126. That is it, you can't win them all!


Are you still interested to know about my forecast for today ? Or may be you have already lost your confident , who knows. For those who still want to 'hear' about my today's forecast; the forecast is as follows:
1) If the market opens between 2134 to 2145. Buy after the market has dropped 5 points below the opening level. As usual, be xtra careful of the false alarm and do not forget your stop loss.
2) If the market opens between 2146 to 2165. Buy after the market has dropped a bit and then moves up 5 points above the opening level or buy after the market has moved 6 points above the opening level. If you see any profits, just lock them up.
3)If the market opens between 2113 to 2124. Sell after the market has retraced to pass down the levels between 2103 to 2108. If these levels are breached, the market may fall further or at least in the early part of the trading day.
4) If open other than the above, it's to your decision.....
5) Please refer to my posting dated 12th January ( see # 6)

If you are not sure........just do whatever you feel like doing except do not do something that against the law and whatever your religion forbids ( unless you don't care about religion)

Have a nice trading day, guys....

P/s ...??

3- 9.08am

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