Thursday, February 27, 2014

FCPO: Breaking New Feat, Making New High 27th Feb 2014

Thursday, 27th Feb 2014. Palm oil surging to a new 17 months high at 2,813 yesterday even the benchmark May had a bad lower opening. Other news to follow.

"- U.S. stocks finished a choppy trading session on Wednesday marginally higher, having pared most of the gains following a better-than-expected report on new home sales. The S&P 500 index SPX +0.00%  has topped the 1,850 level in each of the past three sessions, but again failed to hold above that level into the bell. The benchmark index traded in and out of positive territory in the last hour of trading and closed virtually unchanged at 1,845.16. The Dow Jones Industrial Average DJIA +0.12% ended the session 18.75 points, or 0.1%, higher at 16,198.41, with nearly two thirds of its components ending higher. The NasdaqComposite COMP +0.10%  closed 4.48 points, or 0.1%, higher at 4,292.06."

"-Japanese stocks moved lower on Wednesday, as a firmer yen weighed on the market, while Australia was trading just above the break-even mark. The Nikkei fell 0.6% after the yen strengthened overnight. The dollar lost 0.3% against the Japanese currency overnight--the largest percentage fall since February 14--and stabilized in Asian trade, last at ¥102.20."

FCPO- It Is Always A Way To Ride An Uptrend.

Ohhh, I have plenty of stories to tell in this write up. First things first, to recap the benchmark May surge about 3% measured from the 2,721 low and all the way up to 2,818 yesterday. If 3% surge along with this uptrend means nothing to you, especially the Short holder, then your system is created to take market beatings in an extreme way. Every trading system is unique in some way, but to choke on 3% surge in a Short positions especially when the market break major resistance level, that is an undeniable sign of impending strong uptrend. Unfortunately, human brain is design to pick and choose what do they want to believe, and ultimately most of us ignore the truth that is happening in the market and everywhere else. even worse, most of us are clouded with emotions when trading in the financial. All these traits and perceptions are tools of massive destruction when it comes to speculating. Enough of these set back !! Trading in the market can be an enjoyable experience if we choose (telling out the mind) to simplified it. Of course, only a small number number of us would believe that and eventually achieve it (simplicity of trading system). Bottom line, simplicity works because it cuts all the confusion and doubts when you are about to pull the trigger. You do not need tons of market expert and analyst to tell you market is running on early sign of uptrend and establish uptrend based on the resistance it has broken. The benchmark May contract has successfully ran over numerous small resistance and major resistance, and yesterday it has done just that, claiming 17 months high. Overbought you say ? That is a standard feature in an uptrend when the market surge and every oscillator are telling you it is overbought. In other terms, it is the overbought reading that force the price to go up even further, not the way around. For today game plan, focus on getting Long setups if the price retrace further from yesterday high, maybe 2,786 based on support on 5 minutes chart.

Daily Pivot Point
R2= 2877
R1= 2840
S1= 2743
S2= 2683
 Disclaimer: Information and opinions contained in this report are for educational purposes only. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness.


Post a Comment