Thursday, June 10, 2010

Short @2407

Today i have got a short post @2407, what decides me to take short position at 2407. Hmm, actually when i was attending a training today, i observed 15 minutes chart time frame at it was 2426 and i feel confidence it is a good point to take short position. It was based on what I had seen not what I had believed. Unfortunately, i failed to submit post around 2420~2426.

When the training finished at 430 i open TC Pro, the trading tools i use for FCPO and it is already around 2401~2408. I studied the chart pattern or somebody called technical analysis to get hints was there a good point range to take a new post?

Perhaps the chart below can help me to explain why?
Now let see the chart for today. It is 15 mins chart. The trendline and the tunnel has been bearish. There was a DOJI candle at 2420-2426 and the CCI showed price divergence towards bearish. So this is the best point to short. Meanwhile i took position at 2407 when the prices seemed not able to break resistance trend line (in CCI). unfortunately it broke the resistance trend line :( hmm... I also decided to take short position since daily CCI have not surpassed CCI -200 yet for today. So what would i do next, since i have take a short position and in trading plan i have said i want to practice cut loss and set profit taking level. So tomorrow i will submit stop loss at @2442 and profit taking level at @2397 before CCI touch -200.

15 min charts 

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