Market Overview FKLI & FCPO

Hi there, good morning to anyone who is reading I hope you all are well and kicking market `Arse' Ok, before we look at the chart lets look at the news.

-U.K. stocks advanced as mining companies rebounded from the steepest retreat in four months and reports showed manufacturing in Britain and the U.S. expanded at the fastest pace in at least two years. Overnight US market rebounded from its sharp dropped experienced last Friday as Ford Motor’s company earnings was better than expected. Besides, the economic data like manufacturing, home sales and construction spending were topped projections. At the close, the US stock market gained 76 points, +0.8%, 9,760 on yesterday closed.

-OPEC raised crude-oil production last month to the highest level in 10 months as members took advantage of higher prices, a Bloomberg News survey showed. Crude for Dec delivery was up about $1.31 to $78.13 /barrel on yesterday closed.

FKLI weekly Chart

Ok, I pulled the trigger last week, the next thing to do is wait for the market to decide. You can refer to the trade setup at this Link. I guess you are familiar with terms `trade what you see, not what you hope.' In this case, from the trade setup that is what I see, I analyse it and make the call, if the market manage to rally above 1,255~1,262 I'm out stop. Maybe its time to think of any chance to go LONG if the market dip again, well maybe. Why I think so? Lets look at Dow Jones Industrial Average charts.

Dow Jones Daily Chart

I believe what I see, and charts rarely lie. Market is likely to rally for U.S market in the long term and Dollar is yet to bottom out.

FCPO Daily Chart

CPO has create a series of higher lows, the 2,130 level was the most significant, I am still looking for a chance go LONG. There were a few nice LONG trade setup for intra day trades since last Friday but I was unable to post it due to time constraint. But I will be happy to publish it if there is any request. : P

Just for thought.
Before I wrap up, I want share what is in a traders mind/psychology on the path to a successfully trader. There are only 2 side of mind which will make them better or worse trader.

The Dark Side:          The Light:
Fear                          Always calm
Get excited quickly    Plan a trade, trade the plan
A market engineer     Always trade with stops and $ management
Trade with gut    Trading is just a game, u win some u lose occasionally
No rule                      Never break the rule
Hope                         Trade what you see
Buy Low Sell High                                        

If you have more traits on the dark side, then do yourself a favor to pursue more knowledge on trading psychology and what is money management is all about. If your traits approach or at the light side, you might reach psychology peak on trading and perhaps other aspects in your life as well. If you have a bit of both dark side and the light, you might want to do yourself a favor to gain more knowledge on trading psychology and money management. For dark side traders (Dark Jedi), you doom yourself to fail if you fail to realize your sub-conscious incompetence. And for the light traders (Jedi, yeah baby!!), you have yourself a fighting chance with mr.market and probably win all the way.

 `When you have full control of yourself, you have full control on everything else.'
Disclaimer: The author is not liable for any loss incur due to this write up and trade recommendations made by this websites.