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While we are waiting for coffee to start boiling. (It now looks like the
area around Sep 24 should be the bottom. I was early as usual (hmmm I have
to work on that…… FEAR of loosing a gain. Wasn't that what Walt said in his
HUMAN LAW – Read his web page by the way!)), I urge you to take a look at
sugar.
OCTOBER SUGAR
A chart on October sugar reveals a lot of interesting things (luckily for
some of you I don't know how to make a gif file, so you have to live
without a chart (and save some diskspace)).
PRICE:
Yesterday we ended a parabolic fall. Right at the lower support line
starting jan 16, 1996.
This was also the bottom of the rising wedge it broke out of sep 15 –97.
Hence the objective fullfilled.
The low is also at an important bottom July 15.
This low is also at the 61,8% retracement of the rise from Feb 4 –97
It is also the 38,2% retracement of the rise from Jan 16 –96
TIME:
A 10% swingchart in dynamic Trader with Tops Bottoms since 1992 shows a
tremendous concentration of clusters at Sep 23,24,25 (the routin works like
the D-cycle studies in Nature's Pulse) indicating trend change).
Using accordion, matching tops and bottoms with yesterdays bottom(?) shows
too many coincidences to mention. Which indicates we have trendchange both
on longterm level and medium term level.
Yesterday opened lower than the day before with a fairly wide range during
the day, with a lower low than the day before.
However the day ended with what could be regarded as close to a grave yard
doji, with a close higher than the opening.(Bullish) (Didn't Nison say:
Dojis live only on the ground (Bottoms))
This is a clasic setup as Robert Miner teaches trading in his newsletters.
A very low risk trade with high possible reward.
Enter today, with a STOP (don't forget!!!!) just below yesterday's low.
Voilá
Stig
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