At low 2083, the hourly indicator Y short 2161 has only generated 78 points of floating profit which is still far away from 1914 break-even level. The hourly indicator Y is definitely getting no stop and reverse buy trade signal in the afternoon trading sessions today if cpo futures price is traded like the range in the morning sessions; therefore, holding on the short position is the only word given by the trading guides.
As readers traders who have followed the hourly indicator Y write-ups for the past 2 months, you should know that we will not set targets on profit taking as it will up to traders own discretion in profit taking. We will just emphasize on stop and reverse trade signals.
However, it is interesting to know how far the cpo futures price will go when the hourly indicator Y has its stop and reverse trade signal is triggered. Remember when the hourly indicator Y long 2137 on 21/10/2014, it went up to 2345 which generated 208 points floating profit only before turning sell 2254 on 5/11/2014, nearly 100 points off the high. We kept discussing on the targets but also kept emphasizing that the targets never followed the hourly indicator Y trading guides.
Therefore, the short 2161 which was just initiated last Friday, 28/11/2014, will have long long journey to go, creating the kind of fear and greed we always like to talk about too. Will the 2083 the low? Where is your greed? Fear to give up all the floating losses levels? Take your time, read back all the previous posts with your hourly data and wish that all the posts can help you do some soul searching.
Traders' wisdom - trading success no shortcuts.