Thursday, November 5, 2009

Ok, Plug Pulled, I am in Red.

Well, I guess you guys what happen yesterday, Dow Futures goes wild and pushed the index up. This incident some how gave more reason for those big guns player to push the index up. Thus, triggering my stops right away. Anyway, it will be a correction for this uptrend, time will tell. Lets see what on the menu today, I mean what happened yesterday.

-After FED decision to keep rates unchanged and lows for an extended period yet optimistic about economic recovery, the Dow surged up to 9,928 on yesterday before it settle at 9,802 level.
-Oil traded near $80 a barrel in New York after climbing to a one-week high yesterday as a government report showed supplies unexpectedly declined in the U.S., the world’s biggest energy user. Stockpiles of crude fell to 335.9 million last week, the Energy Department. Crude oil for December delivery rose 80 cents, or 1%, to settle at $80, in electronic trading on the NYMEX.

FKLI Daily Chart

Well, market is not a study of science, even you might have a nice set up doesnt mean that you can nail it every time you execute the trade. Mine one got stop out, it is more risky when you try to counter trend trade. well, i got out, Market score one Vs Me Zero ( Market 1 Vs Me 0)

FCPO Daily Chart

What is the most painful experience you get from trading ? Missing a good trade or lost faith in yourself that you should believe your analysis does work ? Trading to the left of the chart is easy as you might be 100% but to the right of the is your misery as you does not know what is going to happen in the next 10 secs. Like I said before when you enter the trade, it is the `EDGE' that will decide how may points to stop, how many points to take profit and break even. CPO continue to head upwards after a series of higher lows, I expect it to go up to 2,350~2400 but there is a significant resistance trendline at 2,300.
Disclaimer: The author is not liable for any loss incur due to this write up and trade recommendations made by this websites.


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