Gold Price Poised to Test New High - Part II

Shorter time frame of Gold price chart is having a Viagra pattern now. LOL!

With Pride.

Maoxian

In case you don't understand Chinese, Maoxian is the Hanyu Pingying of Chinese characters 冒险, meaning "Taking Risk". This very site that I would like to share here, www.maoxian.com, is blogged by an American trader (interesting huh!) - known as Chairman Maoxian. LOL!

Only very minimum personal information of Chairman Maoxian is available thru his blog. He is residing in China (with his family). He reads, writes and speaks Chinese. Subscription to his newsletter is not free (Oh, don't ask me how much it cost. You can contact him directly in case you are interested. LOL!).

His charts are very diverse on different time frames and trading methods. Reading his blog and charts will definitely help new traders and enrich veteran traders. His insigtful comments give good perspective on how a professional trader should approach the markets (i.e. you are not likely to read any boyhood stories from his blog. LOL!) And he is witty at times. So go read his blog, it is worth every minute of yours.

And the best part is, you get to enjoy his eye-soothing TGIF bonus posts (my favourite). Nice.

Gold Price Poised to Test New High

or bounce down (in the making of infamous Double Top) , as simple as that. Two sides of the coin. LOL!

Merdeka Day is around the corner. Wishing all Malaysians a Happy Merdeka Day, and Celebrations of true Malaysian spirit.

P/S: Feel like taking a short vacation but I keep it on hold, simply can't miss the biggest fishing season of our markets this year. LOL!

CPO Price Broke 20 Day Low!

If you are a turtle or wannabe avidly waiting for 20 day breakout of FCPO, you have your wish filled today. LOL!

The previous 20 day breakout was a long for FCPO on 15-Jul, not a bad one.

Now let us observe if this short will turn into Golden Turtle or Turtle Soup. ROFL!

A R350 on an uphill Climb

That's my analogy for FKLI performance ever since it broke its previous high of 1374.5. Powerful yet controlled, sturdy yet elegant. It has set many traders (i.e shorties, LOL!) in disbelief, denial, or even frustration. Well, that's our market. Either you are with it, against it, or left behind.

Follow news? You've got to be kidding me!

See how the opinions swing from one end to another end (in less than 24hrs), on the news from Bloomberg, or should I say from Blooperg? LOL! Let alone if you follow those amateurish blogs. ROFL!

Follow chart is a better option.

Postmortem

Well, CPO morning session closed at 2582 which I commented its over extension (in my previous post); I was proven right. Its afternoon session closing price 2595 (+13 versus its morning close, and hit intraday day high 2604). Not bad huh, LOL!

In case any question raised on my motive for revealing my execution of cpo trades, let me tell you.. My ego drove me nuts and I have to let it out to blog here. Now that my ego is satisfied and I think I can keep my mouth shut for a while. LOL!

Mission Accomplished 3

Was "hoping" CPO to crash below 2550, and I know I was asking for too much. LOL! Closed my shorts not too long ago as my chart tells me this downward movement is over-extended now.

Looking for Long opportunity from now on. Nonetheless, market shows the way, not me. LOL!

Can FKLI touch the Sky?

Well, pretty tempting for most of the traders to short at current FKLI 1390 level, just because it seems so high, it has to be coming down. Right? I bet many are thinking this way.
No doubt it's one of the available strategies, but I won't try that for now. LOL!

Reason? FKLI is going from strength to strength at this moment. Need more reasons? LOL!

2nd Chance

CPO futures market has been very kind today. Not only it gave me ample time to reinstate my shorts this morning for continuation play, but also a one-way traffic down. This is as good as it gets. And today I am kind of convinced about its current downward movement. LOL!

Mission Accomplished 2½

Voila! FCPO was coming down just as I predicted. Despite its 2650 level was broken, I was NOT convinced by its movements and momentum. I bought them back in the late afternoon to close my shorts. Nonetheless it's a very profitable trade, on the risk of missing a downward trend though. If you ask, why close so early? I would answer: Yesterday I thought it was toppish, not bearish! In fact, I am waiting for my chart signal me to go long again. LOL!!!

Mission Accomplished II

FCPO! Wild beast! LOL! Don't be deceived, 3rd month contract shows price down of RM40, but if you compare the closing price of Oct. contract against its previous close, it is down RM102!! I am giving free advice away again! Sigh!!

Anyway, my trailing stop was hit after such an amazing race! LOL! My chart of CPO futures is now getting very toppish. Usually I don't like to predict the top or bottom of FCPO (don't mess with the trend), but my chart tells me it's time for FCPO to take a breather. Now we wait and see if FCPO will indeed swing down, or it's just a fortune teller's tale! ROFL!!

Mission Accomplished.

LOL! FKLI hit my 20pts target!

That's the way, Uh huh, Uh huh, I like it

SB & SO are on track to test their year highs again as I write. Big night, gonna be big breakout if they make it! LOL! Meanwhile, enjoy this classic remake

Aha!

FKLI Bears, watch out. LOL!

Perfect set up for Long bias traders like me today, now we wait and see how far will this up swing go - initiated at around pivotal level at 1345. LOL!

Subjective Perspective

"Sell on News" + "Profit Taking" were pressing down FCPO yesterday, SB & SO were also due for a pull back after such an excellent run, just within my expectation. O/Int. dropped noticeably from 21K to 18K level.

But............ judging on this morning's price actions, continuation of uptrend is of good percentage; especially when weak bullish traders had been shaken out, or even better still, fresh shorties are now in the hunt for the bear. Let the market decide the ending of this episode. LOL!

What's next after sizzling hot session?

Although FCPO daily chart looks like on Viagra, LOL!, the over extension is pretty much getting on the nerves of bullish traders. It will not go up forever. You know it, and they know it. Any slight justifiable reason will be the reason for profit taking.

Open interests reduced from 22K to 21K level, smart players have left the room? We don't know, but today it's going to be interesting to see how the market will react to the latest CPO statistics.

P/S: What happen to FKLI? Very few opportunities for me nowadays. I am Long bias but it does not have enough volatility for me to short-term trade. And the risks/rewards of trend trading FKLI don't quite convince me take up any longer-term position yet. So... it's ok to do nothing for now. LOL!

Beautifully Hot!

As I write, Soybeans & Soybean Oil benchmark futures are near 12-mth high! "If" they can keep up the momentum, their cousin market FCPO will likely to fly past 2650 tomorrow! LOL!

Simply Hot!

Soybeans hit 6-mth high and above 1000 now!
Soybeans Oil hit 3-mth high and above 40 now!
FCPO also hit 3-mth high! C'mon, you can do better, how about above $2650 tomorrow? LOL!

And some say Gambling is bad? LOL!

...Goldman Sachs estimates Singapore's 2010 GDP will be 16.5%, a substantial upgrade from their previous forecast of 12%.

What's fueling the hyper growth? The country's government loosened a 40-year-ban on gambling, commissioned two casinos complete with hotel, shopping and restaurant complexes — and a Universal Studios. The first casino opened in January of this year, followed by a second in April. Already, the $10.2 billion initiatives are paying off; the casinos attracted more than 3 million visitors by June. Coupled with a buoyant pharmaceuticals industry and an increase in global financial institutions setting up shop in Singapore, official government estimates put 2010 growth at 13% to 15%.

Read more: http://www.time.com/time/business/article/0,8599,2007470,00.html#ixzz0vNLBSdG5