Wednesday, April 15, 2009

Action 20090415: Short CPO July 2009 Contract At 2400

My Trading History:
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.

Action: Took Profit at 2348
Profit: 50 points x RM25 = RM1250 [2400 - 2348 - 2 (for commission) = 50 points]
Account Balance: RM32000 + RM1250 = RM 33250
Reason Of Closing The Trade:
1) Stochastic of 30 minutes chart has been in oversold area
2) Usually, the market will not just end (the recent rally)

Date: 16 April 2009
Action: Hold the short position at 2400
Profit Target for tomorrow 17 April 2009: 1) 2276 & 2) 2174
I will take profit if the prices hit the above profit target. For the time being, I do not know which one I will use. I will wait and see for tomorrow the price move then decide.

Date In: 15 April 2009
Action: Short July 2009 CPO contract
Price: 2400

Reason of Shorting:
1) Daily stochastic has been at the overbought area and now the fast line (in red) closed below the slow line (in blue).
2) I based on candle stick pattern called Bearish Harami; open low then hit high and closed below the opening price.
3) I based on 30 minutes chart of CPO July 2009 contract to get in as in closed below both moving average of high and moving average of low.
Stop Loss Point: 2494 (6 points above the high of yesterday 2488)
Profit Target: No target yet

1. One points of CPO = 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) = RM6500
3. I have RM32,000 as deposit.

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