HAIDOJO_trading

FCPO TRADING : 304) RM5k here we come!

Long
MYX:FCPO1!   CRUDE PALM OIL-RINGGIT FUTURES
this is haidojo and the number is 304 ...

Today is 13th Oct 2021 and fcpo-dec21 is going to expire in 2 days or less. October has been blessed with the continuation of aggressive bull which resumes the rally frm last month. Still, the momentum of the long-run bull persists and there is no sign of slowing down. If you are trading some kinda trend-following/continuation trades, this could be your month.

As for today, the fcpo-dec has broken abv and closed abv RM5k. A historical benchmark and also an important milestone in the history of the fcpo price. So how far it could go? that is a million dollar question. U can projectile it using whatever indicator/method you like, but my conclusion is simple. I shall continue trading "long" as long as it is an uptrend. IF it reverses, THEN stick to the downtrend. Follow the trend. As simple as that. IF it consolidates, THEN it is not gud for me. haha. I dun have strategy for sideway yet. There is idea, but not yet tested.

One more precaution we might want to take heed is the tide might change after the exchange date of 16th Oct 21- which will fall upon us in no less than 3 days. SO, till then...stick to "long on retracement", with effective stop-loss. THEN wait for the new trend OR continuation of uptrend on 28th Oct 21 with new active third month, fcpo-Jan 22.

*plan your trade and trade your plan... gud luck*

resistance : 5040-???

support : 4930-4980

critical support : 4753-4820 (bull is valid till here)

WARNING!
RISK DISCLAIMER
: this is juz a trading idea...trading stocks, futures , cryptos, warrants, CFDs, spreads, options or forex might incur a huge risk to your account/funds…DON’T LOSE MONEY THAT YOU CANNOT AFFORD…any idea(s) of trading in this episode SHALL NOT be regarded as a hint of BUYING or SELLING. It is MERELY a trading journal and it has been used for educational purpose only… trade at your own risk!
Comment: THEN wait for the new trend OR continuation of uptrend on 18th Oct 2021, NOT 28th OCt 2021...