CPO 24th July 2009

As yesterday,
Short position established @2113.
stop place @2133.
i should be able to short higher price but i scare worry a bit.
but nevermind, market close almost low.

Results:
0 safe, 0 con, 3 losses, 3 win.

CPO outlook.
confirmed bearish if not break resistance at 2129, 61.8% but almost tail end.
minor wave 4 seem complete with top at 2123.
market was traded sideway after that.
but, in 5 min chart, manage to count complete nano wave 1 and wave 2.
so expect tomorrow would be very volatile.

based on previous wave count, i expect would perform multiple extension wave in the coming trading session. profit target as 1930.

strategy,

If CPO gap up > 2162, bullish signal, long after hourly form 1 bar, cut loss at previous hourly bar low - 10 points.

If CPO gap up >2130, clear all short position. wait for short again.

If CPO gap up > 2116, clear al short position. wait for short again.

If CPO < 2100, mild short signal. 2099 will become resistance.

if CPO <2078, sell signal confirm, short and cut loss at previous hourly bar chart high + 10 points.

If CPO <2025, sell signal, confirmed, short and cut loss at previous hourly bar chart high +10 points.

profit target at 1930.

All the best in trading.