Action 20090625: Long CPO Sept 2009 Contract At 2288

(I am recording my trading. The followings are my trading actions and records. As good traders, we should keep a good records of all the details like points of entries, reasons of the actioin;long and short, stop loss levels, profits and loss and commands etc. )

Date: 25 June 2009 (Day 1: Open Trade)
Action: Long CPO Future Sept 2009 Contract
Long Price: 2288
Volume: 1 contract
Initial Stop loss: 2261 ( 6 points below today's low of 2267 )
Potential Loss Amount: RM725 ( 27+2=29 points above my entry point )
Reason To Short:
1) Daily Stochastic is now up from oversold area
2) Price broke the high of two days ago; 2299 (23/06/2009)
Profit Target: 2365 (Moving Average Higher Line - Green)


Date: 26 June 2009 (Day 2: Close Trade)
Action: Short To Close CPO Future Sept 2009 Contract
Longed Price: 2321
Volume: 1 contract
Profit: RM 775 ( 2321-2288-2 = 31 points )
Reason Of Long To Close Position:
1) CPO Price went higher than yesterday high (2340) but failed to stay at the high; The market could be weak.
2) Based on 4 hourly chart, the stochastic was at overbought area and started to break down.
3) There is no good reason to risk over weekend.
Note:
1. One points of CPO Futures = RMRM25
2. Commission needed for buy and sell is RM50 so we need 2 points to break even
3. Margin (Minimum Deposit for holding overnight) = RM8000
4. I have RM 35,800 as deposit and now RM 36,575 after the profit of RM 775