This is the second test of 2234 after the hourly indicator Y turned selling 2222. The cpo futures price only had its low 2199 and 2206 on second attempt which means the short 2222 only theoretically has 23 points of floating profit and 12 points of floating losses in a very tight range.
Afternoon trading sessions will have more impact on the hourly indicator Y as its stop and reverse buy trade signals will be adjusted lower much faster than thought if cpo futures price can go above 2240 to 2250 level. This will be the hourly indicator Y experiencing 3rd losing trade.
In record, there was 5 losing trades and 4 losing trades in a row for this year which was regarded as multiple losing trades in this CPO Futures blog write-ups. Therefore, we think readers traders will finally see what we meant in the early write-up in October that wishing readers traders to really see the multiple losing trades. Let's wait and see the short 2222 will be a losing trade or not!
The Basic of Crude Palm Oil Futures Trading On Bursa Malaysia Derivatives Based On Technical Analysis.
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