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Hi Phil
I found this sort of observation useful as a setup and entry.
In other words I have decided to be a seller and where and
the activity you have described gives me the final confirmation.
Why not just sell?
Because for me I have no way of assessing how far the move
resulting from this setup is likely to last.
regards
ray
R Barros
101/25 Market Street
Sydney NSW 2000
Australia
Voice: 61 2 92673470
Fax: 61 2 92673478
E-Mail: rbarros@xxxxxxxxxxxxxxxxxx
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> From: Philip Schmitz <pschmi02@xxxxxxxxxxx>
> To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> Subject: FUTR: For Newbies, an Observation
> Date: Wednesday, July 22, 1998 11:50 PM
>
> Experienced RTers might well find the following
> piece of information "obvious", but struck me as
> good thing to know (it had certainly never
> occurred to ME) and I'm posting it for the many
> novices out there. This is exactly the kind of
> "psychological" (??) analysis I'm trying to get a
> handle on. It pertains to yesterday's action in
> the corn.
>
> "In spite of a higher opening call, prices opened
> lower and eroded from their. This inability to
> open higher is negative in that it implies that
> there were more than enough bold sellers who were
> willing to try to take advantage of higher prices
> to get short, or that longs, tired, bruised and
> battered, were looking for a higher opening to
> escape further losses. Traders should watch this
> type of activity as a general rule, as it often
> tells you what sort of day you might have.
> Openings that do not meet their calls should be
> viewed as a warning."
>
> Author:
> Commodity Review And Outlook M. Steven Morgan
> 800-634-3194 www.commodityreview.com
> review@xxxxxxxxxxxxxxxxxxx
>
> You can get Morgan's analysis free through Proview
> from http://www.futures.net/
>
> Happy trading,
> Philip
>
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