HAIDOJO_trading

FCPO TRADING : 298) bearish divergence

Short
MYX:FCPO1!   CRUDE PALM OIL-RINGGIT FUTURES
this is haidojo and the number is 298 ...

today is 16th Aug 2021 and it is the first day of the new exchange date. Now the third active month for fcpo falls on fcpo-Nov21.
so, nothing excited happens tdy ...the recent high of 4560 is not broken...and if you scrutinize the daily chart properly, it actually reveals that the previous high formed in mid-May 2021 at 4525 is not even broken yet.
ps : WHy? I tot u said earlier that the new high is formed at 4560...?
my own ps answering the ps : yes, but thr is no higher-high, higher close which is formed abv the 4525 in daily chart .
ps : What? What the freak does that mean?
my own ps answering the ps : That means the daily candlestick /price needs to break abv 4525 (it is already done), and closed abv 4525 (not yet)
Another discovery is that the daily RSI is showing bearish divergence. It means the price continues to go up but the RSI is going down.
For me, I need another gap down go down to confirm a reversal. OR the price sticks at that level for another few days...(or few weeks/months, yesss, it has happened b4). IF the price keeps moving up and creates a New Structure High by closing abv 4525 in daily chart , then turn to long on retracement. (that means buy when it dips, and be super careful! if u have no trading plan and no Stop Loss, pliz dun do that!)
One more thingy, I started talking to my laptop nowadays. Whenever my gf found out that, she would ask me whom I am talking to?
I normally replied, " I am talking to my pets"
she would say "...but your pets are ...hamsters. They know how to read charts now? "
I kept fighting, " Well, they don't. That's WHY I am explaining to them..."
gf "... "

I hope that is not schizophrenia in the play. Social distancing and movement control thingy is still happening here in Malaysia. I have a fren who hasn't gone out to buy anything in 2 months. ...and I just hope that I can go out for my lunch and dinner soon.
that's all for tdy ...if u are frm Malaysia, be safe, stay at home...

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

immediate resistance : 4476-4560(the record high)

immediate support : 4330

lower support : 4187-4190

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!