Thursday, March 24, 2011

Protect My Profit To Close 3247

Date of entry: 23 March 2011
Short FCPO Now
I shorted FCPO June 2011 future contract at 3317 for 1 contract. It broke down the low of today's previous low after touching the moving average low (blue line). Both 2 hourly chart and daily chart are bearish now; below both high and low moving averages.

The Concern: The price still did not break the low of yesterday which is a support;3291

Date of exit: 24 March 2011
Protect My Profit To Close 3247
I longed to close at 3247 with a gain of 68 points after deducting of 2 points for commission. The bullish candle speaks it well that the market is over sold.

The Profit: RM1,700 (68points x RM25 x 1contract = RM1,700)

The Comment: It looks like a 100 points gain in FCPO trade is the way to go. My trading experience showed me that the chances for the rebound is very great after reaching 100 points gain.
I will use 100 points profit as my profit target from now.

The balance of my account is RM23,900 after the profit of RM1,700.
(The details of my account is at My Future Trading Account Records 2011 )