As per my previous analysis , FCPO is now in the corrective phase and is currently moving towards the end of completing wave iv. Scenario #1 (Black count) Wave iv is characterized by a 3 - drive pattern moving upwards, bound by the deceleration channel. The first 4 sub-waves (A, B, C and D) had already completed and we should see the completion of the final leg...
Assalamualaikum and Hi Traders! For FCPO, i still waiting for a clear signal/ bearish setup to support my idea that wave 5 is started. Lets wait and see what the market has to offer us. Happy trading!
Last week, FCPO price penetrated the (2186 - 2250) area and closed in to the next weekly demand zone (2089 - 2132) in a decisive manner; a clear manifestation of wave iii. FCPO is expected to respond to this area early this week for a technical rebound (wave iv) and should be moving upwards in a corrective fashion. The acceleration channel (so does the Fibonacci...
Weekly EW count indicates FCPO is currently at wave V of (c). Next week we could see market will attempt to pierce through the demand zone (2186 - 2250) amid the trade war tension between the US & China. The price could edge up slightly in the early week though; buoyed with weaker Ringgit Malaysia. The seasonal cycle of palm plantation is expected to ramp up the...
Support has broken. Expected CPO price will continues the downtrend. Target 161.8% Fibo at 2077
FCPO 11.07.2018 Preferred Count: Continue bearish after retracement 1. Lower to complete wave 5. 2. Interesting level around 2300 area for pull back projection. 3. Key level = 2348 must hold for this preferred count. Alternate Count: Wave 5 of C of E completed and bottomed. 1. Wave 5 of C of E (refer to daily chart) has completed as the chart is telling us, we...
Overall FCPO sentiment is still bearish. Extended wave iii is expected to terminate around 2190 - 2205. With a few Fibonacci levels around the 2200 psychological level (as well as being a significant SNR), the parallel channel should hold and we should see a small retracement upwards (wave iv). If that is the case, the best position to join the bearish ride is...
Overall trend is still downward. Scenario #1 Wave iv has completed (or still in progress). Should wave iv is still in progress, the upward movements should be limited to 2287 - 2297 area. Scenario #2 Price is moving downwards within the channel, creating an extended wave iii. Price could go down until 2180 - 2210 before some retracement (wave iv) ...
Key level = 2348 Key level must hold for this bearish idea
I have laid out 2 possible movements for today as depicted in the chart. The downwards EW count is merely a projection and will be updated accordingly from time to time as the market gradually unfolds. Entries Short #1: 2297 - 2305 (Stoploss around 2310) Short #2: 2320 - 2329 (Stoploss around 2335) Alternate count (major upwards movement) can be technically...
Short term buy FCPO target resistance to T1 to fulfill range within downtrend channel. if momentum is strong, potential to break T1 (resistance becomes support) to head to T2. Stoploss is set at S1 (short term) and S2 (medium term). Bottom channel is where we should buy and top channel is where we should sell. Potential Head and shoulder pattern is developing....
Short entry : Confluence area around 2320 - 2330 Stop loss : 2335 Price needs to cross below 2289 and 2270 in order to rule out alternate count.
fcpo is a very unique market.. it move beyond technical understanding yet still can be validated via technical try to link between RSI and other indicator.. sync and find the harmony of price action and market sentiment for newbies like me, intraday is the only way... scalping is much more better.... remember fcpo is a game of volume unlike others market.
Primary count : Last Friday, the 2348 level which corresponds to 0.5 retracement of wave (iii) had given an outright rejection to the market. Interestingly, the 2340 level which corresponds to 2.618 projection of wave (a) managed to stand the second day attempt as well. The perfect confluence between this invisible resistance area (2340 to 2350) and the previous...
Key level = 2348.00 For this idea, key level will be the invalidation level. There area still possibility that wave 4 still not completed its cycle and expect another top created.