FCPO menbuat diamondchart fcpo membuat bentuk diamond utk meneruskan penurunan... apa pandangan anda
FCPO1! trade ideas
FCPO Weekly Analysis for Week 7-11 October. Prepare!The FCPO market for the week of 7-11 October demonstrated strong bullish momentum, with the price breaking key resistance levels and forming higher highs. The key levels to watch for the upcoming week are the resistance at 4,322 and the support at 4,200. Traders should look for breakouts or pullbacks to these levels as potential entry points. Utilizing tools such as RSI, moving averages, and volume analysis will help in confirming trades. With proper risk management and a solid trading strategy, traders can capitalize on the opportunities presented by the current market conditions.
Is CPO Malaysia can Breaout 2022 Resistance?Soon MYX:FCPO1! will test it's long term Resistance (since 2022) at MYR4,500.
The question, can it Breakout now?
Try to look at Monthly Chart and you will see that since 2022, CPO Malaysia has been Up Trending according to SMA60. You can expect the fall from early 2022 up to now is within Technical Correction phase.
And the time is up.
I predict CPO Malaysia will Breakout MYR4,500 soon, help by La Nina potential.
FCPO Analysis 9 october - correctionThis chart offers a dual-timeframe analysis for the Crude Palm Oil Futures (FCPO) contract, where the left panel shows the 1-hour chart, and the right panel represents the 5-minute chart. Below the price action on both panels, we have an RSI (Relative Strength Index) indicator, which measures the momentum and helps in identifying overbought or oversold conditions.
Overview of FCPO Market on 8 October 2024The chart shows two timeframes: 1-hour (on the left) and 5-minute (on the right), along with several technical indicators and horizontal lines that represent price levels. These timeframes provide a mixed view of both broader trends and more granular market behavior.
PRACTICE MAKES PERFECTOn the 30-minute timeframe, the inside bar has already broken out. On the 5-minute timeframe, a pullback occurred at the 0.5 Fibonacci area, which I consider to be wave 2 in Elliott Wave theory. My reason for entering the trade is that the candle broke out of the inside bar on the 5-minute timeframe, indicating the potential formation of wave 3. The price has also reached the weekly resistance zone. This is my setup for today.
AGGRESSIVE ENTRYOn the 30-minute time frame, a candle formed an inside bar. I decided to enter because the candle had broken out of the inside bar, and the price made an unexpected rise. I held my position until it reached the resistance trendline. I only focus on this technique to make a profit. I will continue practicing and backtesting to build more confidence.
Next Target Predictions of FCPOTrend Indicators:
Moving Averages: The chart appears to use a combination of shorter-term moving averages (possibly 5-period and 10-period moving averages), showing a recent downtrend after hitting the resistance level.
Bollinger Bands: The price has moved outside the upper Bollinger Band earlier, indicating overbought conditions. The bands are still wide, showing increased volatility.
Buy/Sell Signals:
There are multiple "Sell" signals at recent highs, which coincide with the price nearing the resistance levels.
There is a "Buy" signal at a lower level just below 4,240 MYR, indicating the potential for support around this level.
Stochastic Oscillator: The stochastic indicator at the bottom shows the stochastic levels at 80.46 (overbought region), indicating a potential pullback in the near term.
Next Target Predictions:
Immediate Resistance: The price has tested the 4,283 MYR resistance level multiple times, and this will likely be the next key level to break. If the price can break and hold above 4,283 MYR, the next upward target could be around 4,300–4,320 MYR based on historical levels and round-number psychological resistance.
Downward Support Target: If the price fails to break through the 4,283 MYR resistance, it could pull back towards the next support level around 4,240 MYR, with a deeper downside potential to around 4,120 MYR, which is the stronger support shown in the chart.
Conclusion:
Currently, the price is near a key resistance level of 4,283 MYR. If it can break this level, the next target is likely around 4,300 MYR. However, given the overbought signal in the stochastic oscillator, a pullback to around 4,240 MYR or even lower toward 4,120 MYR is also possible in the near term if the resistance holds.
FOLLOW THE TRENDFollow the trend until it bend..The market being in a trend is the main thing that eventually gets us in a trade. That is a pretty simple idea. Being consistent and making sure you do that all the time is probably more important than the particular characteristics you use to define the trend. Whatever method you use to enter trades, the most critical thing is that if there is a major trend, your approach should assure that you get in that trend.
BACK ON TRACKToday, it became a setup... this inside bar technique works well in support & resistance areas... when the price is in the S&R zone, we have to wait for the candle to form an inside bar... whether the candle breaks up or down. In my experience throughout my trading career, when a breakout occurs, the price will break straight through and rarely makes a pullback. Still maintaining a risk & reward ratio of 1:2 or 1:3.
SETUP FAILEDLast week, most of the setups worked, but today the setup didn't work. The price didn't respect the inside bar zone. I thought the price would bounce back up, but it didn't. That's normal—sometimes the setup works, sometimes it doesn't. I'm a bit disappointed, but it's okay. Just consider it not meant to be today. The important thing is to keep working hard and do more backtesting..
Why Can Breakouts on Higher Timeframes Go Further?1. Significance of Support & Resistance: Support or resistance levels on higher timeframes are usually more important because they reflect prices that have been tested multiple times over a longer period. When the price successfully breaks through these levels, it signals a major change in the market.
2. Greater Confidence: Institutional traders and large investors often make decisions based on higher timeframes, so a breakout may be supported by larger trading volumes, providing more momentum.
3.Long-Term Trends: A breakout on a higher timeframe typically indicates the beginning of a long-term trend, meaning the price can move further in the breakout direction before a correction occurs.
4.Fewer False Signals: Higher timeframes tend to produce fewer false breakout signals compared to lower timeframes. This is because lower timeframes are more susceptible to short-term market "noise."
FCPO: Retracement confirmIf the market closes with a red candle, confirming a retracement, execute a short position with the following plan:
Cut Loss (CL): 4051
Take Profit 1 (TP1): 3950
Take Profit 2 (TP2): 3815
Take Profit 3 (TP3): 3740
Expect TP1 (3950) to be reached during the night session. If strong momentum persists, TP2 (3815) may be achieved within 2-3 days. A minor retracement might occur before the price descends to TP3 (3740), likely before Friday’s session close.
ITS ALL ABOUT BREAKOUTThe market is still bullish, and I'm still using the inside bar setup. "The trend is your friend"—just follow the rules and follow the trend. It's so easy to use this technique. The price can go higher, but I still stick with my ratio of 1:2 or 1:3. Just stick with Take Profit (TP) and Stop Loss (SL) for secure and grow slowly.
FCPO: Trend still bullishentry: LONG
TP1: 4000
TP2: 4022
CL: 3875
The bullish trend still strong; ready for cut loss if price drop below support 3879. Still positive to hit TP1 at 4000 and if strong momentum it will continue to hit TP2 at 4022. After that, the possibility of retracement is very high.
INSIDE BAR BREAKOUTToday's setup: I'm using the inside bar technique and the 20-period moving average, with a 1:2 risk-reward ratio. For traders who are just starting, you can use this technique for scalping or swing trading. It works even better when the inside bar candle is located in a support or resistance zone. However, always remember that every setup carries the risk of loss, so it's important to set Take Profit (TP) or Stop Loss (SL) levels for proper money management.
IBC AT DEMAND AREA"In the 4-hour timeframe, the candle shows a pullback to the demand area, and inside the demand area, there is an inside bar candle. There is a possibility that the candle will rise next week, and according to the Fibonacci levels, the candle is also in the 0.5 area. Whether this is correct or not, let's see next week."
FCPO Week 37 2024: BULLISH.The 4-hour chart indicates a strong upward price movement. An inverted head and shoulders pattern has emerged, with the price breaking above the neckline, marking the first wave of the move. This was followed by a brief consolidation phase, representing the second wave. Now, the price appears ready to resume its upward momentum, potentially forming the third wave. Watch for a breakout as this wave could push prices higher. A buy position may be considered, with a target price of 4018 for potential profit.
FCPO. Aiming higher.
Continuing from our previous analysis (click above image), which alerted us to the probability of a bull trap, the price moved and created a false breakout, then traded back lower to the extreme low swing, thereby confirming the bull trap.
Currently, we observe an initial movement to the upside with strong momentum, suggesting that wave 4 may have reached its bottom.
Our focus is now shifting to the upside, and we expect to see a rally in a motive structure. The invalidation for this idea is set at 3849, where we consider this could be the end of wave 4. The downside movement is limited to this level for this idea.
FCPO. Currently within the range of a bull trap.We observed a price rally that surpassed the extreme swing high of Wave 3. However, at this point, we are only seeing a three-wave advance from the low of Wave 4. It is premature to conclude that Wave 4 has bottomed.
To manage our expectations and account for both scenarios, it remains possible that Wave 4 has not yet reached its bottom.
The alternate count (in purple) suggests the probability of a bull trap being in play.
FCPO. REJECTION AT 38.2%.Following the guidelines in Elliott Wave Theory, "The Right Look" we adjust our wave labeling because the proportion of wave 4 is too large to fit within the subwave structure.
It is a good sign that the price is rejecting decline at the Fibonacci 38.2% level.
Our focus now is on the development of Wave 5. The last wave to complete the Motive cycle.
Invalidation for this idea is at 3872.
Refering to Elliott Wave rules for Wave 5:
"Wave 5 always subdivides into an impulse or a diagonal"
We would expect rallies toward the 4000 area in a classic motive wave structure.
Another possible scenario to consider is the truncation of Wave 5, given that Wave 3 is an extended wave. Truncation happen when Wave 5 fail to move beyond the extreme swing high of Wave 3
Bottom line:
If Wave 4 has ended and Wave 5 is in the early stages of development, any retracement is limited to the 3872 level. Trading below this level will require reassessment of the wave structure.
FCPO TRADING STRATEGY!! ELLIOT WAVE ANALYSIS!!ELLIOTT WAVE ANALYSIS FOR FCPO
This strategy view the FCPO market will fly without wing jump to Wave 5. Let’s find the entry signal for LONG/BUY entry guys :)
FCPO. CORRECTIVE PHASEDTime-consuming sideways movement, tight ranges, and numerous overlaps are all characteristics of a corrective wave.
Sideways corrections often tend to retrace 38.2% of the previous impulse wave, particularly when they occur as wave 4. We wait here when the price reaches this level.
We will continue to detail the structure once we have a clear picture. For now, let’s sit back and rilex.
