|
PureBytes Links
Trading Reference Links
|
Disregarding any indicators other than price
itself for a moment - just plain ole price - sugar
has now failed twice to make gains and hold them.
Once on 6/18 when it opened a tad higher than the
previous day's high, tried to move up, and then
closed below its open. Then on 6/19, it had even
less pizazz. It just got out of bed and fell
right on its face again, with a heavy clunk, no
less, to the very bottom of its range, and to a
lower close than the day before.
Looking at a 10 minute chart, a picture perfect
triangle formed on Thursday and Friday, with price
dropping out of the triangle at the close of
business on Friday. Of course, I suppose if that
breakout is bogus . . . but maybe some more
experienced trader could comment on that.
For the amount of risk involved, it's a nice
lookin' little trade. Here's the Alan for
pointing it out.
. . . and I do like the part about the decline to
7.50. Yessiree!
Earl Adamy wrote:
> An alternative short would involve a
> continuation of the rally to the 8.50 area
> followed by a decline into the 7.50-7.30 area.
> Given the inside day on Friday, I
> think this scenario has a slightly higher
> probability.
>
> Earl
>
> -----Original Message-----
> From: Earl Adamy <eadamy@xxxxxxxxxx>
> To: RealTraders Discussion Group
> <realtraders@xxxxxxxxxxxxxx>
> Date: Saturday, June 20, 1998 8:50 AM
> Subject: Re: Oct Sugar
>
> >With all of this agreement, I tried to find a
> reason not to go short and didn't
> >find it. Even checked to see if the sugar pit
> has a habit of running to low
> then
> >to high to clear orders and didn't find
> evidence. The only negative is that
> it's
> >trying to pop above the wave 1 Bear Channel. I
> like the fact that volume was
> >heavy into the last low so we probably haven't
> shaken out yet. Of course with
> >inside day on Friday, it could continue moving
> up.
> >
> >Note chart is a CC chart with July still active
> - won't roll into October until
> >Monday.
> >
> >Earl
> >-----Original Message-----
> >From: Alan Sears <asears@xxxxxxxx>
> >To: RealTraders Discussion Group
> <realtraders@xxxxxxxxxxxxxx>
> >Date: Friday, June 19, 1998 7:25 PM
> >Subject: Oct Sugar
> >
> >
> >>Looks like a nice setup for a short trade in
> Oct sugar ?
> >>
> >>
> >>
> >>
> >
> >
|