Thursday, October 17, 2013

CPO Daily Potential Correction

CPO has been performing well since the beginning of Oct 2013. However, with the 'hangman' candle stick pattern emerged, there is a high probability for the price to correct or at least a sideways ahead.
Intraday trading has been tough lately. Just look what has happened today, it opened with a beautiful gap up of 2422 then the price plunged all the way to the low of 2369 then closed at 2400. I did not take the long trade due to this reason :) 
' When I See It, I Take It ' should be the trading way for now. No more 'let the profit run' way of trading. 

4 comments:

  1. Hi Abel. You are experiencing this is because you are using a wrong strategy. Not all gap-ups are for entry. Some gap-ups (or down for that matter) are for profit taking.Some gap-ups are for re-entry.I hope this helps.pm me if you need more clarification. good luck.

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  2. We also have to learn the ropes of the shorter time-frames in order to profit in the higher time-frames. You already have a good mindset. and never enter a trade with 2 contracts at once. you only add when you are confident where the start of a trend is. I hope this helps. I really admire you because you can still blog when you're wrong. good luck.

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  3. Hi, blogging during losing trades is hard. I guess, this is part of training :)

    Thanks & Regards,

    Abel

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