Thursday, March 4, 2010

Close Long Position For CPO May 2010

Date of entry: 3 March 2010
The price made a break up, I longed at 2636 (2 contracts). Trust me, it is hard to continue taking position after experencing a string of losses. I do what I got to do.

Date of exit: 4 March 2010
I closed my position at 2625 the moment the price opened and run down to the low of 2624. I lost 13 points including 2 points for commission.

My Comment: CPO is obviously in consolidation. Any break up and break down will not continue the direction. I am a trend trader and market like this is really giving me a hard time. I will stick to my method and I will place stop loss for my protection at all time..
The balance of my account is RM 26,300 after the loss of RM 650 (Loss: 13points x 2 contracts z RM25 = RM 650).
(The details of my account is at My Future Trading Account Records 2010 )


  1. Your trading methods will work very well in a trending mkt but not in a sideway mkt which we are now for the last few session.

    But still good to try !


  2. You are right. I am a trend trader, sideway market can really kill.

    Thanks Najib,

  3. najib,abel,
    how do u define a trend?
    the market exists in different timeframes.
    in the weekly chart, the market might be trending.but in the hourly chart, the market might be sideways.

    it can also be ... it can be trending in the 5 minutes chart ..but the daily chart can show a sideways market.

    just my 2 cents

  4. Hi ZacLim,

    If I trade using 1 hour chart, I will base on 1 hour chart for the trend, if I use daily, then the trend should be plot on daily chart. Right?


  5. exactly ..
    thats how i view it.

    there is another method called the triple screen system which uses the larger timeframe for trend.then use the smaller timeframe for entry and exit.
    that one is not so suitable for me

    keep it up,abel.all the best