How did you all do today? What a great day to trade! We expected today to have more than 10+ points ranges which did in fact materialize.
This is the FKLI 30 mins chart.
We traded to the following levels today. Kindly take note that we have been trading the May contract since last Friday.
Opened: 1555.00
High: 1572
Low: 1555
Closed: 1565.50
Cash Index traded to:
Opened: 1570.46
High: 1574.49
Low: 1568.58
Closed: 1570.61
Our trading levels for this morning was:
FKLI
Upper Resistance: 1569, 1572, 1575, 1578
Lower Support: 1565, 1562, 1558, 1555
Cash Index
Upper Resistance: 1571, 1573, 1576, 1578
Lower Support: 1563, 1561, 1558, 1553
Wow.. we had a great day today. May futures opened right at our last level of support of 1555 and bounced up from there. My colleague who park an order to buy at 60 actually got a fill at 55! What a nice trade!
As for me, I went long at 61 and price went up to 65 right after that. But the thing was, I was sure this thing was going to run more! So I didn't take profit and trail my stop to 1561.5 instead which was 1 tick profit. By doing so, if price came reversing down, the most I would lose is RM5 only as the 1 tick would cover my cost. And the best case was that price would continue to trend upwards.
But neither happened today. In fact, price came down to 61.5 exactly at my stop, then continue its march up to 69! Grrrr!!! hahaha.. damn.. I actually was in the process of clicking to change the stop order when it hit.. and reverse and continued the up move.. I could have easily caught 8-10 points today just from the morning trade, but ended up with just 1 tick profit. Lesson learned from this is that if I'm sure of the trend, do not trail my stop too early even though this would reduce my risk tremendously.
Ok, then price slowly made its way up to 69.50. One of my trader Teo took a nice short here at 69 and we added another at 68.50. Price sunk and we exited one contract at 66.50 and one at 66.
Lunch opened higher at 68.50. I was hoping price would come down a bit as I had park to buy at 65. So no fill for this one and I cancelled the order. Price then chopped aroung the 66.5-68.50 level. Here, Teo took another short at 68. I did not make any trades here.
Then the Cash Index jumped which caused the May contract to spike up to 72 too which was our second level of resistance posted this morning. I took a short here at 72 and closed when price reached 69.5 for a 2.5 points scalp. Had I followed my strategy from this morning to trail to 71.50, I would have been able to ride this trade down to 64 late into closing time. Teo took his profits for the 68 short at 67. Although he took some heat, he was sure that prices would be coming down so it was just a momentary scare. Had price kept going up, we would have cut the position and the most he would have lost was the profits made in the morning.
But everything turned out fine and everyone's happy. :)
So.. great day indeed. Tomorrow is a public holiday so no trading. We will be back on Wed which we will have economic reports every day right into Friday so expect trading range to be much lesser than today.
So we'll see you all on Wednesday morning!
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Oh ya, regarding the weekly range for the FKLI. Here it is:
Upper Weekly Range: 1585
Lower Weekly Range: 1555
Ciao and good night all!
Best Wishes,
Tech Trader
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