Action 20090924a: Short CPO Dec 2009 Contract (Intraday Trade)

(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: 24 Sept 2009 (Day Trade: Intra Day Trade)
Action: Short CPO Future Dec 2009 Contract
Short Price to open trade: 2100
Long to close: 2132
Volume: 1 contract
Reason to Short: The price formed a bearish engulfing pattern, there was chance that the down trend could continue, But it did not.
Reason long to close: Instead of going down the price hit today's high of 2130 which was my stop loss level. I closed the position with a loss of RM 825 (2132-2100+1=33 points). I adjusted my stop loss level to today's high to minimize my loss since I have been lossing for the last 3 trades.
Note:
1. One points of CPO Future = RM 25
2. Commission needed for buy and sell is RM25 without carrying overnight so we need 1 points to break even
3. Margin (Minimum Deposit for holding overnight) = RM 8000
4. I have RM 36,100 as deposit and now RM 35275 after the loss of RM 825
Please refer to 'My Future Trading Account Records' for details.