FCPO1!
Trading Plan 31/3/2023Main Trend: Sideways
Short Term Trend :Bullish
Trading Plan:
• Short –
o If price break below P, TP1:3735 TP2:3712 SL:3770
o If price gap up but fail to break R2, TP1:3800 TP2:3760 SL:3900
• Long –
o If price supported above 3760 TP1:3835 TP2:3880 SL:3735
Disclaimer: This is just my IDEA on the market, not a suggestion to open any trade. Please do not follow without any personal due diligence on the market
FCPO 9 March 2023 : LPSY for mark down?Price break uptrend channel back. There is the possibility of a market sideway or downtrend.
Price still respects the downtrend channel so far. However, the price still did not break the previous trading range although we saw the Sign of Weakness in the price.
Price below EMA50.
Trading Plan :
1. Sell: If the price still respects the downtrend channel and EMA50
2. Look for Buy: If the price breakout the downtrend channel.
5min :
1. EMA12+EMA50 is flat = Sideway.
2. See which side price will be broken for entry. Based on the downtrend channel.
FCPO 7 March 2023 : Testing lower channel before mark up?Price still in the lower channel and sustained above RbS.
If the price breaks the channel, possibly a larger sideways within the 4249~4500 area.
Today plan : Bias long..
#FCPO #FCPOmalaysia #FCPODaily #FCPOtrader
Midterm perspective for FCPOFCPO is probably preparing to trending higher in the future but I'm a bit CAUTIOUS because the price hasn't broken the important level yet (strong resistance) which is around 4500. Currently, the pattern which is unfolding is a ZigZag (thought to be). Assuming this assumption holds true, wave C should ends about the same length of wave A, around 5000 - 5200 levels. There're evidences which supports this assumption:
1. There are 5 waves in wave A
2. Fibo retracement level for wave B in a ZigZag is around 0.618 level
3. By EW rules for ZigZag, wave C should have 5 waves.
4. ZigZag price movement is contained within parallel channel - they tend to in most cases.
We're already seeing 5 waves unfolding in wave C but seems relatively short than assumed projection (5000 level). The only possible explanation is that wave (3) in wave C is an extension.
Disclaimer
This is NOT buy/ sell call but for learning purposes.
FCPO 2 March 2023 : JAC and LPS or UTAD?Yesterday price reject btm channel and broke up DTL + EMA50 and sustained above it. This schematic might be JAC. = Uptrend
Today expectation :
1. Let's monitor the 4242 resistance level. If the price sustains above this level, consider it as LPS.
2. If supply is coming in and bringing back down into the range, possible UTAD formation for distribution.
5min view :
1. Market structure: Sideway bias uptrend
2. Price to EMA = Price cross EMA up and down = Sideway
3. EMA12 to EMA50 = No clear direction yet = Sideway
4. MACD = no divergence formation.
Trading Plan :
1. Wait for the price to break immediate resistance and support level.
FCPO 1 March 2023 : Reject or Break Bottom ChannelYesterday, the price formed a creek/ICE formation with SW price before going down to test btm channel.
Today :
1. We expect price reaction at the bottom channel. It's already been tested multiple times. Expected to be a bit chaotic today.
2. If the price is not able to break DTL, possible spring/shakeout to break the bottom channel and price back up again into the range before mark up.
3. If price break bottom channel, and sustain below the range, possible mark down.
Trading plan :
1. Wait for price reaction at the DTL and btm channel.
Next Possible Direction For FCPOAs expected market has moved towards the north and seems to have exhausted its uptrend momentum at least for now. Correction is now more likely to occur after 5 waves move have already unfolded in the wave 3 Primary. Given that correction in the Primary Wave 2 is a Zig Zag, the rule of alternation could be at play here for Primary Wave 4 - most probably flat correction, triangle or double three. I'm inclined into assuming that it is flat correction. A break below 3848 would invalidate this assumption and suggest another wave is unfolding.
Disclaimer:
This is NOT buy/ sell call but for learning purposes.
FCPO 28 Feb 2023 : Creek/ICE formation?1. Yesterday price able to break mid channel, however, afternoon session price backup again to test mid channel.
Expectation today :
1. Price still in a consolidation phase. High chance to form a creek or ICE formation before next step.
Trading plan today :
1. Trade in Sideway. Sell high, buy low..
Wave (3) still ongoing for FCPO ?Based on the movement of the market yesterday, it might be possible that (3) is still in play here and its due to 2 reasons:
1) Wave (3) is an extension - thought to be, technically the market should at least move until it reaches fibo level 1.618.
2) Formation of the market highlighted in the box seems to be developing a five wave move (not confirmed yet).
Disclaimer
This is NOT a buy/ sell call but for learning purposes.
FCPO1Welcome . Quick deal. An opportunity to buy fcpo1. Breakout of the double brick pattern. There is a strong trend. Note: If you like this analysis, please give your opinion on it. in the comments. I will be happy to share ideas, thank yo
FCPO 27 Feb 2023 : Spring or SoW?Last week :
1. Price retest again the UT level at the same supply zone level before going back down again.
2. Price stop at EMA50 30min and Mid channel
3. SBO continues a downtrend after the FCPO market close down almost 2.45%.
Expectation :
1. We expect CPO to follow the SBO gap down to 2.4%.
2. Price will break mid-channel and possibly lower channel.
3. When the price test/breaks the lower channel, we expect the price to create SoW or Spring.
Planning :
1. For the Wyckoff trader, we did not expect entry during Spring/SoW. We will take a chance during ToS formation or LPS/LPSY formation. Wait for the price reaction at this point.
2. However, for 5min TF, we can find any trading opportunities for a short-term trade.
3. Monitor the 4100 support level. If clear this level, the price might test the 4030 level.
4. If the price still sustains inside the channel and TR, possible to retest fibo 50 or close gap?
Below is the expectation from SBO
FCPO PALM CRUDE OIL INDEX BURSA MALAYSIABottom reversal pattern has been form on week 03-Oct-2022
Currently FCPO price in sideway range between 3730 (support)- 4500 (resistant)
Trade Strategy: (BUY / CALL)
Once FCPO price break out & goes beyond price 4500 with increasing volume.
TP1: 4990
TP2: 6230
CL: 3730
Risk Ratio Reward - 1 : 2
Fact supporting indicator:
Smart Money Pro bullish Profit-Chip (red bar) continuous increases for 3weeks and crossed over Profit-Chip Moving Average line.
#bursasaham #malaysiastockmarket #fcpo #palmcrude #bursamalaysia #malaysia #bursa
#trendline #trendanalysis #technicalanalysis #chartpattern #trendpattern #uptrend #bullbear
#supportresistance #technicalindicator #indicator #waveanalysis #bottomcatch #reversalsignal
Disclaimer:
This published Idea is solely for the purpose of education and opinion sharing, and should not be construed as investment advice or recommendations to buy or sell any security.
Get your trade advise from a legit broker, you are responsible on your own trade.
FCPO 24 Feb 2023 : UT Complete?Yesterday price not able to break mid channel and rebound higher to test the last supply zone.
Today,
1. Price backdown again inside the TR to confirm UT formation.
2. If sustain inside the TR, possible to go lower TR.
Any possible spring/SoW still in view
FCPO 23 Feb 2023 : Reaccumulate or Distribution?Yesterday :
1. As expected, price test nearest resistance before going down to test EMA50 30min.
2. Night session price back up again and we notice the volume is diminishing.
3. Notice BCX and AR before ST forming last night's session.
4. Trading in range before UT/UTAD or Spring appears.
5min :
1. MS : sideway structure
2. EMA : EMA12 above EMA50 = uptrend
3. Price above EMA50 = uptrend
4. MACD : Bearish divergence = Good tools to trade in the range.
FCPO 22 Feb 2023 : Gap up and UT?1. Yesterday price failed multiple times to break 236 fibo level. However price to able to reach down to 786 fibo level. Buyer and seller are still strong. We can expect price sideway.
2. 15min TF, price already breach EMA50. 30min TF, price still not test EMA50. We expect the price will test it sooner.
3. Channel uptrend is still holding up. Mid channel tested but not cross to the lower track.
4. Market structure: Yesterday's price played in the range. The uptrend is still valid unless the price breakdown and sustains below 4100.
5min :
1. MS : Sideway
2. EMA : Last night EMA12 crosses up EMA50
3. Price to EMA : Not respect either one of EMA = Sideway
What is trading plan today?
1. Gap up, price sustain above trading range = BUY
2. Gap up, price backdown into the trading range = SELL trading range
FCPO 21 Feb 2023 : Reaccumulate/Distribution?1. So far price still uptrend movement in the channel.
2. Price still test EMA50 15min.
Expect sideway movement to form reaccumulation or distribution pattern.
5min :
1. Price breakdown EMA50 multiple times but back up again = Strong buyer still have upperhand
2. EMA12 still above EMA50 = uptrend
FCPO 17 Feb 2023 : Continue uptrend or consolidate?Yesterday :
1. SnR : Price sustain above the RbS level.
2. Channel : Price respect uptrend channel
3. MS : Price make uptrend structure
Planning for Today?
1. SnR : Price may test nearest supply level around 4100~4120
2. Market Structure: For now BUY MS is still intact. Monitor if the price breach MS.
3. EMA: Price still not tested EMA50. Today's price may be consolidated to test EMA50
4. MACD : We see a possible bearish divergence. But it can be retracement only unless the price breakdown buy MS.
FCPO 16 Feb 2023 : High Demand?Yesterday :
1. Price able to break down uptrend channel. However, the support area is still holding up.
2. Maybe the price did reaccumulate again before the gap-up today.
Today :
1. Price gap up due to high demand following SBO demand.
2. Price so far sustain above the supply zone.
3. Price still not yet at the immediate resistance level. If breaks above, possible to reach the next resistance level around 4100.
5min :
1. SnR: Price break previous resistance level and sustain above it
2. Market structure: The morning session price is able to make an uptrend structure.
3. EMA12 is above EMA50 : Uptrend
4. Price respect EMA12: Uptrend. This is an entry opportunity today.
If price breakdown MS, the possible larger pullback to close gap. Monitor if price able to break EMA50
FCPO 15 Feb 2023 : Uptrend continuation?1. Price reject mid-channel and retest lower channel. If the channel is still intact, high chance to continue the uptrend.
2. Market structure: Buy market structure is still intact unless the price breaks the 3906 level.
3. Price still plays around supply zone
4. Price reject EMA50 at 30min TF.
New contract
15min :
5min :
Price in sideway mode but uptrend still intact
FCPO 14 Feb 2023 : Price breach downtrend channel?1. Channel/Trendline: Yesterday price retest and reject mid-channel before going up to test the upper channel. This indicates strong buyers in the market because not allow prices to go lower channel.
2. SnR: Price plays in the support zone area and is still not decided yet on the direction.
3. Fibo: Price rejects 236 fibo level indicates sideway market still in play. The price might go lower to the 786 level if not able to breach and sustain above the 236 level.
4. MACD: There is no interesting divergence yet. We only see green divergence indicating uptrend movement in play.
FCPO 13 Feb 2023 : Sideway/Continue downtrend30min view :
1. SnR: Price rejected the test support area and try to cross the resistance area. However not sustain above the zone.
2. Channel/TL: Price overshoot the TL but is not sustainable to go further.
3. MACD: still not shows an indication of bullish divergence even though green MACD already happening.
5min view in the comment
FCPO 10 Feb 2023 : Bearish divergence in progress?1. SnR: Price not able to sustain above resistance zone 3994. This indicates a strong seller
2. Channel/Trendline: Price break up trendline - Indicate sideway/change direction.
3. Oscillator: MACD from yesterday shows a bearish divergence
Expectation :
1. Price will continue bearish momentum until at least close the previous gap.
Trading plan as usual :
1. In Early morning, monitor the nearest possible SnR
2. Monitor EMA12 1min TF for entry
