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Still short the Sept D-Mark looking for my initial objective just above 5500.
The small thrust down on Tuesday had me a bit worried that we might we winding
up a complete set of waves but the triple island reversal on what I see as a H&S
kept me in. Wednesday was a nice day to be short almost any currency.
Wednesday's S&P action was a surprise. The corrective channel on June 30 minute
was as many bars wide as the rally from the bottom itself and less than 25% of
the vertical distance. A breakout from this kind of correction can usually be
counted on to generate a substantial upside move. It moved nicely into the
breakout 32% above the depth of the channel and up, then collapsed. My hope for
a profitable position trade collapsed with the decline. Looks like it's back to
day trading the chop-chop.
Earl
-----Original Message-----
From: Warren Goldstein <wgoldstein@xxxxxxxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Tuesday, June 09, 1998 10:16 PM
Subject: FUTR- Current Trades, Follow-up
>Hi again,
>
>Well, I just covered my short Sept. D-Marks at 5643 (entry was 5699), and
>will re-short them on Thursday, June 11. I expect a big drop from Thursday,
>June 11 into the close on Tuesday, June 16. From there, I will reverse to
>the long side until the Globex opening on Monday night, June 22.
>
>I'm now loaded to the hilt, long November Soybeans. I've bought at 574 1/2,
>573 1/4 and 571 1/2, for an average of 573 1/2. Stop is at 569 3/4. First
>objective to 584, either tomorrow (June 10) or Thursday. Eventual objective
>of 608 on Thursday, June 25.
>
>My buy stop was never elected in sugar, so I'm still flat. No plans to try
>again soon.
>
>Lastly, I'm short August gold at 297.90 and 300.70. Stop at 301.10,
>objective to 281.80.
>
>Good luck,
>
>Warren
>
>
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