CPO Daily Chart Update

It has been a while since I last blogged. CPO is in a sideways mode since it has been up so much and hit the high of 3628 (registered on 10 April 2012).

It looks good to long with Yesterday white candle and current up candle, there is high chance that the price would further surge but it would not go very far since it stays between the line based on daily chart.

Bean Oil Future Contract Surged!

Bean Oil July 2012 Future Contract surged towards the end of session on Friday to $55.51.

30 Minutes Chart UpDate

It looks like FCPO of June 2012 will head sideways. The gap down opening seems losing its downwards momentum.

A Typical Slippage

I placed an order for entering long at 3374 in the morning. The price actually reached my price and headed to 3375 towards the end of morning session. My position was never filled and closed at 3375.
It opened with a gap in the afternoon at 3384 with the low of 3379 and it never plunged to my price of 3375.
You maybe right in placing a price when trading, but the slippage could kick you out of the trade.

Lesson Of This Trade: I should place 2 prices or more instead of just 1 price

Exited Short - Should Have Done It Long Ago

Date of entry: 9 March 2012
Reversed To Long FKLI
I reversed to long FKLI March 2012 future contract at 1582 for one contract. It is a break up. This deal was done at about 10:10 this morning. (Chart will be provided later).

Date of exit: 13 March 2012
Exited Short - Should Have Done It Long Ago
I shorted to exit my trade this morning at 1569.5 with a loss of 13.5 points (1 point for commission). This trade supposed to exit when it broke below 1576 (the low). But I 'thought' the price will stabilize at this area.
The Lesson: 'I thought' is a very dangerous habit when trading. I know I should follow the system but knowing and doing deferred.

The Loss: RM675 (13.5points x RM50 x 1 contract = RM675)

Short To Take Profit

Date of entry: 7 March 2012
Long CPO May 2012 Future Contract
I longed FCPO May 2012 Future Contract near the end of session. I placed the order earlier.
One thing I am not really comfortable with is my positions are conflict each other; one long the other short.

Date of exit: 9 March 2012
Short To Take Profit
I shorted to take profit at 3357 with a gain of 87 points with 2 points for commissions. My 100 points target including commission; 3270 was never reached.

The Profit: RM2175 (87points x RM25 x 1contract = RM2175)

Stop Loss Reached At 1582

Date of entry: 7 March 2012
Short FKLI March 2012
I shorted FKLI March 2012 at 1577 for one contract. It opened with a gap down indicating a weakness of the market. I would have shorted at 1574 (opening price) but I was late and it turned out a better price.
I am using 30 minutes chart for my future trading now. I will focus more on the overall trend.

Date of exit: 9 March 2012
Stop Loss Reached At 1582
I stop loss was reached at 1582 with a loss of 6 points (1 point added for commission).

The Loss: RM 300 (6points x RM50 x 1contract = RM 300)