FCPO Oct 2017 Contract Long Trade 18 Jul 2017
I wrote in my earlier blog on 18 Jun 2017 that I was expecting the FCPO downtrend to end when it made a false breakdown with a bullish divergence between price and MACD.
https://swingtrader188.blogspot.my/2017/06/fcpo-3rd-month-contract-end-of-downtrend.html
Indeed that was what happened where after an initial shakeout FCPO surged up from a low of 2426 on 22 Jun 2017 to hit a high of 2614 on 11 Jul 2017 before profit taking set in. I was very happy that I was able to overcome my fear during the initial shakeout period to hang on to my trade then to capitalise on the upsurge. See my posting on 13 Jul 2017.
https://swingtrader188.blogspot.my/2017/07/fcpo-sep-2017-contract-long-trade.html
This time this was a long pullback trade. I entered on 18 Jul 2017 at 2515 after FCPO pulled back to its rising 20sma, the previous swing high at 2515 (which became support) and the Fib 50-61.8% area. I initially set my stop loss at 2465 and take profit at 2615 but later changed it as the trade progressed to 2535 and 2640 respectively. However, when FCPO surged up by more than 70 points in one day on 25 Jul 2017, I decided to cash in toward the end of the day at market price. My take profit order was done at 2628. See chart and trade screenshot below for the detail of my trade.
I netted +113 points from this trade.
Disclaimer:
Trading and investment involves risk, including possible loss of principal and other losses. I shall not be responsible for any losses or loss profit resulting from trading or investment decision based on my posting and any information presented in this blog.
https://swingtrader188.blogspot.my/2017/06/fcpo-3rd-month-contract-end-of-downtrend.html
Indeed that was what happened where after an initial shakeout FCPO surged up from a low of 2426 on 22 Jun 2017 to hit a high of 2614 on 11 Jul 2017 before profit taking set in. I was very happy that I was able to overcome my fear during the initial shakeout period to hang on to my trade then to capitalise on the upsurge. See my posting on 13 Jul 2017.
https://swingtrader188.blogspot.my/2017/07/fcpo-sep-2017-contract-long-trade.html
This time this was a long pullback trade. I entered on 18 Jul 2017 at 2515 after FCPO pulled back to its rising 20sma, the previous swing high at 2515 (which became support) and the Fib 50-61.8% area. I initially set my stop loss at 2465 and take profit at 2615 but later changed it as the trade progressed to 2535 and 2640 respectively. However, when FCPO surged up by more than 70 points in one day on 25 Jul 2017, I decided to cash in toward the end of the day at market price. My take profit order was done at 2628. See chart and trade screenshot below for the detail of my trade.
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| FCPO 3rd Month Contract Daily Chart |
I netted +113 points from this trade.
Disclaimer:
Trading and investment involves risk, including possible loss of principal and other losses. I shall not be responsible for any losses or loss profit resulting from trading or investment decision based on my posting and any information presented in this blog.
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