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East Malaysia Crude Palm Oil FuturesEast Malaysia Crude Palm Oil FuturesEast Malaysia Crude Palm Oil Futures

East Malaysia Crude Palm Oil Futures

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FEPO1! trade ideas

FCPO - THE MOMENT OF TRUTHWe got our 5 wave down and 3 wave up. But currently price is trading near our invalidation level. As for now, Elliott rules for impusle wave still hold where wave 2 can never retrace 100% of wave 1. Trading above our invalidation level would invalidate the current wave analysis, requiring a reassessment of the wave structure. Alternate count idea: extreme low of today morning trading session can be lable as wave 4 end point and the upside rally in today trading session as wave 5.
MYX:FCPOX2024
by pengiran-
FCPO - 5 WAVE DOWN, NEXT 3 WAVE UP!Continue from previous post. We can see a clear 5 sub-wave structure was observed during evening session. This motive movement to the downside and trading below 3686 strengthen the idea that wave C has complete. *** 5 Wave structure on 1 minute chart. Next, we would like to see a retracement that potentially will bring back price to 3700 area for sub-wave 2. Invalidation for this wave analysis = 3734. Let's see what the market will offer us next week. Happy holiday to All FCPO trader!
MYX:FCPOX2024
by pengiran-
FCPO - WAVE 5 OF C TOPPED?Continue working with the hypothesis that a running flat was forming in FCPO: We have a clear 5 wave structure advance from extreme low of Wave B giving us indication that wave C maybe complete. If Wave C topped and Running Flat pattern is complete, then we would like to see a downward movement of price toward 3686 level in a motive sequence before we start formulating a trading plan for this pattern. Invalidation level is for this idea set at wave C extreme high = 3734.
MYX:FCPOX2024
by pengiran-
2
FCPO Week 30 2024: Slight bullish potential.Last week, it was anticipated that the price would retrace higher before moving lower. However, this did not materialize. The 3900 to 4000 range remains a critical area, with the price continuing to move within this band. Currently, forecasting the outlook is challenging, but based on recent price reactions, the market appears to favor the bulls. Next week, we will be looking for opportunities to buy, anticipating that the price will move higher. Like, comment or follow if you like to idea.
MYX:FCPO1!Long
by edramlan
1
FCPO Week 28 2024: Support retest and then higher.Last week, the price broke through the 4,000 resistance area and closed above it. However, it hasn't moved significantly higher and is currently consolidating. It's expected that the price might retest the 4,000 area before moving higher towards the 4,200 level. If the price drops significantly, the outlook could change, potentially reversing the trend. Given the short trading week, adopting a wait-and-see strategy to observe the next price action might be wise.
MYX:FCPO1!Long
by edramlan
1
FCPO Week 27 2024: still in range. Neutral.There was a slight upward movement last week, likely due to the price reacting to the support area. However, strong resistance remains at the 4,000 level. The recent bounce from support might reach this resistance and result in continued consolidation. Range traders can benefit from this environment while it persists. Trend traders, on the other hand, may prefer to wait for a significant breakthrough above the resistance or below the support levels to confirm a new trend.
MYX:FCPO1!
by edramlan
2
FCPO Week 25 2024: Still in consolidation.The price remains within its range, showing minimal movement last week. Despite expectations, it has not made any significant progress upward. The outlook suggests that the price could move higher, but it needs to close and sustain above the 4,000 level to see a substantial increase. Based on the current consolidation, we observe that the price may have formed a rounded bottom, potentially creating a cup and handle pattern with higher highs (HH) and lower highs (LH). These are positive indicators for a bullish move, but momentum is still lacking. If it is indeed going higher then the 4135 is the immediate target. If the price breaks below the LH area, it could move lower. The best approach for the upcoming week is to adopt a wait-and-see strategy, looking for confirmation of the next price movement.
MYX:FCPO1!
by edramlan