Tuesday, March 1, 2011

Long To Exit FCPO - Price Failed To Drop Lower


Date of entry: 28 Feb 2011
Short FCPO May 2011
I shorted FCPO May 2011 future contract for 1 contract at 3523. The price started to drop after touching moving average low of 3545 indicating that the down trend might continue. FCPO is below moving averages of high and low for 2 hourly chart and daily chart.

Date of exit: 1 March 2011
Long To Exit FCPO - Price Failed To Drop Lower
The price failed to make new low this morning. I longed to exit my position at 3492 with a gain of 29 points after deducting two points for commission. Not a lot, but better than nothing.

The Profit: RM725 (29points x RM25 x 1contract = RM725)


The balance of my account is RM19,700 after the profit of RM725.
(The details of my account is at My Future Trading Account Records 2011 )

10 comments:

  1. Hi Abel,
    May i know normally how do you set entry price and exit price for CPO and CI index? Do you monitor it or have target price when to enter and exit? Mind to share out?

    ReplyDelete
  2. Hi Mark Chang,
    I based on the break out method of previous high or low for my entry decision for both CPO and FKLI. There is no fix rule setting the target except that I depends a lot on candlestick pattern.
    For FKLI, I do fix 10 points, 15 points or 20 points as target price to exit.
    I normally set the price earlier and do not monitor all the time. This is what I like about futures market. It allows us to set the buy and sell price, cut loss price and target price etc.

    I hope my answer helps you.


    Thanks
    Abel

    ReplyDelete
  3. Hey,

    Just cut loss of 15 points as i short at 3480. Need to go in afterwards, any clue wether is bull or bear?

    need your opinion

    ReplyDelete
  4. Hey,
    I honestly do not know where the direction will be next. It looks like a sideway market. One day up and one day down kind of situation.

    Regards

    ReplyDelete
  5. what do you think about long at 3535 and take profit at 3565? the trend for 5 min and 30 min is showing up. do you think trade in this kind situation is leading to loss?

    ReplyDelete
  6. man, what is your cut loss margin for a lot? 20-30 points?

    ReplyDelete
  7. Hi,
    I think trading using 5 min and 30 min seems ok with 20 or 30 points gain as a target. Close monitoring is needed using 5 min or 30 min chart.

    Cut Loss: I am using last to bars (candles)s' high or low as reference to cut loss.


    Abel

    ReplyDelete
  8. Hi,

    I'm a newbie in fcpo, great tips. I will follow u guys closely.

    Dwan

    ReplyDelete
  9. Hi Dwan,

    Welcome on board. I hope you would find this useful in your trading courier.


    Regards,

    Abel

    ReplyDelete
  10. Good evening Abel,

    I,m just curious to know whether you are a
    full time trader.

    Dwan

    ReplyDelete