The CPO ( Crude Palm Oil) futures for March contract open at 2590 and closed at 2595. The highest was at 2609 and the lowest was at 2582. The market ended higher with a black bar.
The market open at 2590 and fell to 2582 at about 10.33 a.m., moved up to 2597 and closed at 2590 before lunch. In the afternoon, the market open at 2588, shot up to 2609, the highest of the day,and then started to fall down and finally closed at 2595.
If you look at my forecast yesterday, see #2, you would have had 2 choices here;
1) Had you decided to place a sell position at 2580 or 2581, you would have not lost any money
2) Had you decided to place a sell position between 2582 to 2585 with a stop loss of between 15 to 20 points ( see #6, my posting dated 12th January) , you would definitely have ended up losing your money either you closed your position before or after lunch.
Yesterday, I did a que at 2580 for a sell position and luckily it did not trigger at that point ( Do you think that you would believe me?)
Since today is the last day of the year and the expectation of the market would be in a slow range, I reserve to do any forecasting today.
To all the traders....HAPPY NEW YEAR , EVERYBODY...( and you are getting older...)