Tuesday, August 11, 2009

Action 20090811: Long FKLI Aug 2009 Contract at 1184

(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: 11 August 2009 (Day 1: Open Trade)
Action: Long FKLI Aug 2009 Contract
Long Price: 1184
Volume: 2 contracts
Initial Stop loss: 1178 ( 2 points below the moving average low of 1180
Potential Loss Amount: RM 350 ( 6+1=7 points below my entry point )
Reason To Long:
1) The last bar formed a candlestick bullish pattern
2) The price stayed well above the moving average Low of 1180 (refer to the green line)
3) 4 Hour Stochastic is up now (Red line closed above blue line)

Date: 12 Aug 2009 (Day 2: Close Trade)
Action: Short To Close FKLI Aug 2009 Contract
Short Price: 1180.50
Volume: 2 contracts
Loss: RM 450 ( 1184 - 1180.50 + 1 = 4.5 points )
Reason Of Short To Close Position:
1) 4 hourly Stochastic turned down
2) The price opened and stay below the low of moving average (green line)
Comment:
Note:
1. One points of FKLI Future = RM 50
2. Commission needed for buy and sell is RM50 so we need 1 point to break even
3. Margin (Minimum Deposit for holding overnight) = RM 3500
4. I have RM 38,725 as deposit and now RM 38,275 after the loss of RM 450

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