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Greetings Traders!
An update on our little piggies.
As I mentioned was possible due to the expected 10/21,22 pivot due in this
market, we have reached the Contract low and for today, it has found
support.
Tomorrow may be a different story, due to a couple of reasons:
1) That is our cycle pivot day.
2) Closed near the low.
Of course, in Hogs that means Jackola. Personally, I'm getting belted in to
expect a possible gap down opening. Last thing I want to do is get stopped
out right at the very bottom.
Yet, there has to be a point where I will draw the line. I'll look for the
next level of support as my emergency exit.
Weekly wise, by making a lower low than last week, this week has now made
the weekly low, and it can be made lower anytime this whole week, thus the
nature of weekly bar charts. Obviously, if I don't see signs of a pivot turn
by end of the day tomorrow, I'll want to exit and re-evaluate the moves
here. Remember, I don't have an FDate for this market until later on.
Don't get fooled by it hitting the contract low and stopping. This is one of
those times that can get you. Make provisions to exit out if it dives (which
can happen penetrating strong support).
Don't wish to scare you, but help prepare you.
cheers!
:)
rick
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FutureSoft Publishing - Precision Trading
http://FSoftPublishing.com
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