Thursday, October 17, 2013

CPO Daily Potential Correction

CPO has been performing well since the beginning of Oct 2013. However, with the 'hangman' candle stick pattern emerged, there is a high probability for the price to correct or at least a sideways ahead.
Intraday trading has been tough lately. Just look what has happened today, it opened with a beautiful gap up of 2422 then the price plunged all the way to the low of 2369 then closed at 2400. I did not take the long trade due to this reason :) 
' When I See It, I Take It ' should be the trading way for now. No more 'let the profit run' way of trading. 

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2 comments:

  1. chinoni4801October 19, 2013 at 5:38 PM

    Hi Abel. You are experiencing this is because you are using a wrong strategy. Not all gap-ups are for entry. Some gap-ups (or down for that matter) are for profit taking.Some gap-ups are for re-entry.I hope this helps.pm me if you need more clarification. good luck.

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  2. AbelOctober 21, 2013 at 11:52 AM

    Thank you chinoni4801

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