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Guy, was that a moving average sell signal? Although I don't use them, I
noticed a cross over and turn down this last week, and I'm vaguely aware you use
such things in your system. Patterns still have me in a Nasdaq sell signal
from the last 3 day pullback, targeting 3100. But interestingly, I have a new
pattern sell signal from Friday with the close below the gap-up opening,
apparently matching this signal of yours.
Coincidentally, that matched a buy signal in beans and corn Friday, both of
which quickly traded above their respective gap-down openings.
Recent 3 day pullback in July Wheat, which triggered last Wed, still targets
291. A close above 291, suggests this is not a simple a-b-c correction in a
down trend, and targets 315. If this happens, the Wheat continuation chart
suggests we're now in the beginning of an Elliott wave 3 of 5, which is usually
characterized by a fast acceleration to new price levels. Therefore, a cross
road is now at hand for wheat. Jul Wheat hit both the 78% and gap resistance
with Friday's high, so stops on longs will now move in close. If Wheat rejects
current price levels with a pattern reversal down, that would provide a good set
up for a continuation of the down trend and an excellent shorting
opportunity. Next week, the wheat market speaks. Looks like it may be time
to listen.
Scheier
Guy Tann wrote:
> List
>
> Well it appears that our buy signal didn't last long and we have a sell
> signal for Monday. This signal is one that we call a signal against our
> intermediate term signal, but we still follow it. Now we haven't completed
> work on what our actions will be tomorrow, like selling on the open, selling
> an hour into the day, selling on the close, etc. because we're busy with
> Mother's Day and won't get to that until later.
>
> It appears that our current trade will be a loser, depending upon tonight's
> action and tomorrow's open. It's currently behind 6 points or $300 a
> contract.
>
> Our equity trade is also behind, but when you consider how much stock we're
> carrying, we came back quite nicely. Actually this trade was in the black
> on Friday before the sell off. Again, we have to look at strategy here. If
> I have time tonight, I'll post what we're planning on doing, otherwise I
> post tomorrow after the fact, since I have to go into the office tomorrow.
> I knew I shouldn't have gone back to work because it interferes with our
> other activities. I got greedy when they offered me almost 3% of the
> company at $.10 a share. Now that I see the impact on our trading, I've
> told them I would prefer to quit but they have requested that I stay on
> halftime, only going in 2 mornings and working the other 10 hours at home.
> I'll see how that goes before making a final decision. They also want me to
> keep my shares, so maybe this will still pay off.
>
> Guy
>
> Paranoia...you only have to be right once to make it all worthwhile!
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