Date of entry: 28 March 2011
Reversed To Short FKLI For The Broken Down
I reversed to short FKLI March 2011 future contract at 1508.5 for 3 contracts. It is a break down and stayed below moving averages.
The Concern:
1. Both KLCI and FKLI of the daily chart turned to be still above moving averages.
2. And also the 2 hourly chart of KLCI
Date of exit: 29 March 2011
Stopped Out FKLI At 1521
My position was stopped out at 1521 with a loss of 13.5 points (1 point commission included).
The Loss: RM2,025 (13.5points x RM50 x 3contracts = RM2,025)
The balance of my account is RM12,500 after the loss of RM2,025.
(The details of my account is at My Future Trading Account Records 2011 )
luckily you're out ! now , on the way to test 1537/41 level , maybe plan short there for the pullback from the rally !
ReplyDeletegood luck , man !
Dear dan,
ReplyDeleteYou are right! We have to be patient.
Thanks
Abel
ya , in trading , we gotta be patient ! when you choose to short @ 1508.5 , did you see the previous swing low @ 1501+- ?
ReplyDeleteas far as for trader concern , buy low ,sell high , if ya short @ 1516++ level , stop loss @ 1521 then the risk/reward is ok ,
take a look at the chart and momentum prior to the fall , price has been moving sideway @ top range (1515 & above) , this is what i called it sell @ resistance ,
when you short , the price already accelerated to the south , if plan short @ your level (1508) , like i said , the previous swing low @ around 1501+- doesnt reward much , unless it breaks !
i don't mean to challenge your trade set up , i just comment based on the chart , price levels and pattern !
by the way , which broker did you use that provide this chart setting ? mind to share ?
Thank you for your suggestion.
ReplyDeleteThe chart that I am using are from Nextview Software with month fee of RM220.
Regards,
Abel