Today , i will share my idea by pictureToday , i will share my idea by picture.
I believe finish "C".
FCPO1! trade ideas
FCPO 9 Feb 2023 : Bearish Divergence?30min TF :
1. Price break resistance and test supply zone and push back below the resistance.
2. Price break uptrend channel. Indicate SW for 30min or change the trend.
3. MACD shows bearish divergence.
If the price goes for bearish divergence, possible to close the gap and target to be around 3860.
5min TF :
1. Price crosses EMA50 : Sideway/Change trend
2. EMA12 crosses below EMA50 : Downtrend.
Expect price sideway before continue direction.
FCPO Daily ChartThis is my daily chart view. I think price will find resistance zone before making a decision.
FCPO 8 Feb 2023 : Upside / SidewayYesterday's price made an upward movement followed by a sideway which looks like a distribution pattern after breaking the channel.
Today if the price sustains above the 3988 area, there is a chance of upward movement.
5min view later will update
FCPO Seek retrace zone?Let's see if FCPO will go to the retrace zone and then make a decision. Go up or go down. The short-term decision, Long if breaks resistance and short if opens below resistance.
FCPO 7 Feb 2023Price is still in the uptrend channel.
Expect the price to retest the mid/lower channel.
5min TF, price respect EMA50. If today price cross EMA50, expect some trading range before next movement.
FCPO continuing it's bullish momentum?In the short term, FCPO will very likely retest its trendline around 3930++ and hence completing its 3 waves structure in the B. A break below 3815 would invalidate this assumption and suggest that b is just starting.
Disclaimer
This is NOT buy/sell call but for learning purposes.
FCPO To da moon?Based on Wyckoff's schematic, this is the accumulation phase after markdown. We identify SC and AR. Now it is just away from the ST level...
The new trading range is still developing.
However, this is the possible developing channel
Another movement possibility for fcpoThis option suggest that fcpo is still in its corrective structure, quite possibly an expanded flat and could reached RM 3500 ++ in the near term. Structurally, (C) is a 33333 ending diagonal (expanded version). Ultimately, this assumption will be invalidated if the price breaks the 3991 level and therefore validated my previous assumption of this is a start of wave 1 c.
Disclaimer
This is only for educational purposes and NOT a buy/ sell call.
Bullish Momentum for FCPO? www.tradingview.com
FCPO could start its bullish momentum all the way to RM5000 ++ completing its major correction C structure (ZigZag), this of course is based on my biased Elliot Waves mapping. The only time we can be absolutely certain is when the market has broken past the RM4300 area until then it is only a speculation. However, there are early evidences that showed this assumption might be valid because:
1) Candlestick has closed above the area of change of character (market structure)
2) Price has bounced off the fib retracement level 0.618 - few times actually
3) Regular flat correction seems to have completed
Disclaimer:
This is not buy/sell call but rather for educational purposes only
FCPO AKAN MENUKAR TREND HARINI Yesterday shows, market price is determined to sell however, price is defending well at bottom dip support
thus, we believe today market will turn to bullish as draw in the chart
carefully trade today cuz there will high volatality today and we expect market will open gap up more than gap down and we make close high today!
FCPO determine to sell but it can change to bullish tooplease watch the key level
we anticipate price will make PB sell at top
however, if the rejection is unable to push down, thus price will make turn to bullish back!
FCPO March 2023 Contract View on Daily ChartProviding view on FCPO Movement on the trend. Daily Chart showing a cloud trend which will be playing YOYO inside it
SPREAD TRADING STRATEGY ON COMMODITIESThis spells trading opportunity for us as Palm Oil and Soybean Oil are generally considered substitute products, which means, at a large enough price difference, buyers may hop over to buy the cheaper one. Eventually closing the price gap back to its historical mean.
Some potential tailwinds for Crude Palm Oil include;
1) The reopening of China, which would increase the demand for palm oil from the world’s 2nd largest importer of the product.
2) Biofuel Mandates, which would put higher demand pressure on Palm Oil .
3) Slowing production growth in palm oil could lead to supply-demand imbalances, pushing palm oil higher as supply falters.
One way to trade this price divergence would be to short the Soybean Oil – Palm Oil spread. This trade can be set up by selling 1 Soybean Oil Futures and buying 1 USD Malaysian Crude Palm Oil Futures . However, do note that in such a set-up, the position is not fully ‘hedged’ as the contract units are different, 1 Soybean Oil Futures has a contract unit of 60,000 Pounds (~27.21 metric tons) while 1 Crude Palm Oil Futures is for 25 metric tons.
Sources:
https: //www .tradingview.com/u/inspirante/
https: //www .cmegroup.com/trading/agricultural/files/spreading-cbot-soybean-oil-and-bmd-crude-palm-oil.pdf
https: //www .cmegroup.com/education/articles-and-reports/palm-oil-spread-volatility-creates-opportunities.html
https: // jakartaglobe.id/business/palm-oil-prices-production-to-drop-in-2023-gapki
https: // oec.world/en/profile/hs/palm-oil
FCPO Daily downtrendRefer to daily chart, the trend lines still shows it is in bearish downtrend.
MCD does not have red column, no banker chips, only have green color Losechip.
Fortune crown does not have any signal for reversal.
Mirage shows the green column, it is showing money flowing out, bearish market.
Strategy is looking for Short entry in 15min or 1 hour timeframe.
I see the market will continue downtrend backMarket break structure as Harami in Daily TF...best place to short is at 50% and 61.8% Fibonacci pullback
I Wait till market make next movementThe market now can continue for bullish or bearish back to complete downtrend daily sequence...HL break will start back bearish trend
FCPO Still supported for some rise.FCPO Daily chart still in bullish structure. Perhaps to the next top trendline
Market look like to start bullish trendThe market already breaks the H4 bullish structure...I think the target price can go up to 4533 and 4554...the target is still intact with my daily target...analysis is invalid if breaks a low Y...
fcpo price is waiting new directionplease watch the level closely. market will wait for the new direction for this week after today level finish
FCPO: CongestionAn update : Expected wave B up has displayed a 5 waves up which warrant a closer look at the following structure as it may kick in other alternative count. Note it resisted at wave 4 of one lesser degree and based on pattern, a possible reverse head shoulder may appear which will support the upside view in the medium term.
