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You make some good points about the sugar. I was
not clear about it myself and unfortunately do not
have the post you are referring to.
While the daily chart is bullish (I was fully
expecting a up move for today) the bar that throws
me is the last complete bar on the weekly chart.
It seems to spike up to the EMA(21) and then it
closes lower than its open. In other words, it
failed.
I wondered whether that action could be taken as
the end of a corrective move within a much larger
downtrend. Combine that with the action on 6/29
and 6/30, and shorting began to look good. My
reasoning was that whether SB goes all the way
back down and tests 7.20 again or not, there's
plenty of room in the meantime.
Meanwhile, on the daily, my signal is long. Here,
on Monday, an oversold sugar tried to go lower and
clearly shied away from its low. It meets good
buying and closes strong. 11:45 Eastern. SBv8 is
at 853. Time will tell. BTW, is that an
ascending triangle I see on the 5 minute chart?
Keep talking, I'd like to hear more.
T-BONDTRADER wrote:
> This is by way of a test - it was my last
> contribution, which went into
> cyberspace. I HOPE am back on net again. We
> will see.
>
> Having looked at your charts for Oct Sugar, I
> cannot for the life of me see
> how you come to a short conclusion.
>
> I have marked up a monthly, weekly and daily
> chart of the NF and all I can
> see is a double bottom on a 7-year low, with a
> good J-Hook, 2-bar reversal -
> and today a downthrust on the daily. All that,
> as a chartist, spells
> bullish to me. But then, I don't trade Sugar.
> Just fiddling about on a
> thoroughly boring, dull and awful day on the
> Bonds!
>
> Will be interested to know if anyone else sees
> the charts as I do - more
> interested in what actually happens.
>
> How much is a contract on Sugar....
>
> Bill
>
> [Image]
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