Date of entry: 7 April 2011
Long FKLI For Break Up
I longed FKLI April 2011 Future contract at 1556.5 for 2 contracts. It could be a continuation of trend as the price still stay above moving averages with a break up.
I reduced my contract size to 2 from previous 3.
>Date of exit: 7 April 2011
Close FKLI Long Position
I exited the long position after weakness the up trend failed to continue and formed indecisive bearish candle stick pattern.
The loss of 2.5 points (1556.5-1555-1=2.5) makes it RM250 in value.
The balance of my account is RM12,250 after the loss of RM250.
(The details of my account is at My Future Trading Account Records 2011 )
In my humble opinion (or maybe it is bullshit) , when price pullback around 154x level ,yesterday [06th Apr] low was around 1542.50 , it was a good entry point as you can see from the chart (continuous) ,
ReplyDeleteat 1540+- level , it was a clear top (resistance) , near that level being rejected twice (early feb/mar), previous resistance this time become the support ,
bulls seem refuse to stop here in tandem with the overall good sentiment , keep pushing higher and marching to re-test or break the Jan's high again ?
of course , price will not go straight up or down , there's pullback and resume momentum or failure which invite reversal !
personally , i see 1521 is the strong support for the buy in dip level while the Jan's high or 1581/1600 will be the target for this run , if the bull is in control !
for trader , it doesn't matter , up or down as long as you can make money , you're not to pick top or bottom !
see ya !
Hi dan,
ReplyDeleteThank you so much for your input. You are right, bull is obviously in control. Judging from this rally from 1510 last week, the market usually will not just stop. The trend will last for a while.
Regards,
Abel
1561 territory !
ReplyDeletebulls attempting to break it and move higher but facing the strong challenge from the bear , ironically this is the level where the bull/bear fought each other during early Jan which led to the 1578/80 levels when the bull in control , bear won after this level fails to hold after 19th Jan which saw a reversal of trend !
Interesting to see the battle again , this time in Apr ! Next week US first quarter earnings will be announced soon as well as the local Invest Malaysia 2011 Conference ,
let's wait and see !