Monday, April 27, 2009

Action 20090423: Long CPO July 2009 Contract At 2511

(I am recording my trading. The followings are my trading actions and records. As good traders, we should keep a good records of all the details like points of entries, reasons of the actioin;long and short, stop loss levels, profits and loss and commands etc. )

Date: 23 April 2009 (Day1)
Action: Long CPO Futures July Contract
Entry Price: 2511
Volume: 1 contract
Reason To Long:
1. Broke above recent high of 2501 registered on 20 April 2009
2. Daily Stochastic is still up even at overbought area
Stop Loss: 2449 (Maximum loss RM1600 = 64 points) (2513-64=2449)
Profit Target: No Target Yet

Date: 27 April 2009 (Day3)
No Action: Holding the long position at and getting ready to exit using 30 minute chart.
Comment: Techinically, the market is bearish now after the price plunge 104 points. The daily Stochastic turned bearish (Red Line closed under Blue Line). I wanted to exit the market with better price, so I used 30 minutes chart to make decision. Now, Stochastic of 30 minutes chart is at oversold area, there is high chance that the market will rebound. I will close the position when it rebound.
My Stop Loss remained: 2449

Date: 28 April 2009 (Day4)
Action: Closed my long position of 2511 at 2514
Price Shorted: 2514
Profit: 1 point = RM25 ONLY!
Comment: I closed the long position as the daily stochastic is now bearish. I am quite happy even I made so little. I could have lost more if I got out yesterday. It is important to focus on the game plan rather than the money.

1. One points of CPO (Futures) = RM25
2. Commission needed for buy and sell is RM50 so we need 2 points to be break even
2. Margin (Minimum Deposit for holding overnight) = RM8000
3. I have RM33,350 as deposit and the balance is RM 33,375 after the profit of RM25

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