Monday, August 17, 2009

Action 20090817: Short CPO Future Nev 2009 Contract at 2356

(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: 17 August 2009 (Day 1: Open Trade)
Action: Short CPO Future Nov 2009 Contract
Long Price: 2356
Volume: 1 contract
Initial Stop loss: 2403 ( 6 points above the today's high 2397 )
Reason To Long:
1) The price droped below the moving average low (green line) for the first time since recent rally
2) The pricce came down and form bearish engulfing candlestick pattern

Date: 20 Aug 2009 (Day 4: Close Trade)
Action: Long To Close CPO Future Nov 2009 Contract
Long Price: 2333
Volume: 1 contract
Profit: RM 500 ( 2355 - 2333 + 2 = 20 points )
Reason Of Long To Close Position:
1) 4 hourly Stochastic turned up second times from oversold area
I have no strong reason to close. The trade has been there for 4 days slightly held longer than my usual trade.
1. One points of CPO Future = RM 25
2. Commission needed for buy and sell is RM50 so we need 2 points to break even
3. Margin (Minimum Deposit for holding overnight) = RM 8000
4. I have RM 38,275 as deposit and now RM 38,775 after the profit of RM 500

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