ACtion 20090808: Long CPO Future Oct 2009 Contract at 2340

(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: 7 August 2009 (Day 1: Open Trade)
Action: Long CPO Future Oct 2009 Contract
Long Price: 2340
Volume: 1 contract
Initial Stop loss: 2298 ( 8 points below the low of 2306 dated 7 Aug 2009 )
Potential Loss Amount: RM 1100 ( 42+2=44 points below my entry point )
Reason To Long:
1) Price stayed well above moving average of high and low indicating the market is still strong
2) The price closed almost at the high forming bullish engulfing pattern
Comment:
I have just closed my long position 1 hour before market close but I went in again (long again). Honestly, it is hard to do this but I long it because technical analysis showed me the reasons to go back in. I have to stick to technical analysis forgetting my emotion.

Date: 11 Aug 2009 (Day 2: Close Trade)
Action: Short To Close CPO Future Oct 2009 Contract
Short Price: 2412
Volume: 1 contract
Profit: RM 1750 ( 2412 - 2340 - 2 = 70 )
Reason Of Short To Close Position:
1) 4 hourly Stochastic is at very overbought area and starting to go down
2) There are 3 bullish candlesticks in a row.
Comment:
Honestly, I do not have strong reason to close the position. 70 points profit is tempting enough to turn into cash.

Note:
1. One points of CPO Future = RM 25
2. Commission needed for buy and sell is RM50 so we need 2 points to break even
3. Margin (Minimum Deposit for holding overnight) = RM 8000
4. I have RM 36,975 as deposit and now RM 38,725 after the profit of RM 1750