Wow.. another week past us by in the blink of an eye! I hope you all had a great day!
Alright lets proceed with the daily summary.
Daily FKLI Chart
We traded to these following levels today:
FKLI
Opened: 1578.00
High: 1588.50
Low: 1578.00
Closed: 1583.00
Cash Index
Opened: 1585.22
High: 1591.04
Low:1585.06
Closed: 1591.04
Our levels for trading this morning were:
FKLI
Upper Resistance: 1585, 1588, 1591
Lower Support: 1580, 1578, 1575, 1570
Cash Index
Upper Resistance: 1585, 1588, 1590
Lower Support: 1580, 1577, 1573, 1571
Wow.. what a day.. It was a Friday but we traded as if it was just a regular weekday. May futures traded within our second resistance of 88 and our second level of our support. Actually the high did spike above and touch a high of 88.50 but it held nicely. The high of the cash market was quite strong at the last matching and close 1 point beyond our third resistance which actually was a big jump in the last tick!
The first trade for me this morning was long 80 and we exited at 85 for one contract. One of the contract was closed halfway at 82 as I was not fast enough to cancel the target. I quickly bought it again at 82.50 and exited at 85 too. We mention that we would follow the lead of the cash market today and that was exactly what I did today. So not a bad start today!
After price touched a high of 87, it pulled back to 82.50. I actually did park a buy at 82.50 but it never got filled. At this time, I remember cash was still very strong at 87-88 area. I should have hit the market to buy at 83 or 83.5 but too bad I didn't as price went back up to touch a high of 88.50! Damn.. :(
At the highs, I was discussing with one of our veteran equity dealer Mr Tan, and one of my trader Teo also suggested to sell near the highs at around 87.50-88. I should have taken the advice because today was a Friday and the possibility of range trading was high. I didn't do it because of the strong cash market. Price did eventually drop to as low as 78.50 in the afternoon!
I had a long parked at 84 in the afternoon. At this time, I had a client came over to see me in the office so I wasn't at the screen to monitor the whole time. Had I look at the cash market chart, I would not have left the order there. After my client left, I went back to my computer to find that I had been filled. haha.. damn.. I took a loss of one point here at 83 so it was ok since the profit from the morning more than cover the cost. So the lesson learned from this is, do not ever leave a waiting position if you are not able to be there to watch it the whole time..
So.. a great end to a nice week with good range to trade.. Looking forward to next week!
As of now, the US market responded negatively and price have broke down quite heavily back into the flag range of last two week. If we do not recover, I think those traders that are still stuck short may get some relief next week.. and perhaps my swing short may come soon too! haha!
Alright.. wishing everyone a great weekend and hope that all of you have a relaxing one! =)
Ciao!
Best Wishes,
Tech Trader
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