|
PureBytes Links
Trading Reference Links
|
Why not go long now. It has a high probability of getting to 565 then 595.
It can go to 7.25 and still be in a down trend. You should not have an
opinion on what you are trading. Always look at both sides. You currently
have both an up trade and a down trade possible at this time. My system says
that the long trade has the highest probability of success at this time. This
is not a trade recommendation, as I, like all traders have been wrong. That
is the nature of the business. The reason for the post is to get you to look
at both possibilities with the same degree of conviction and let the charts
tell which is correct based upon the system you use. Good luck and have a good
week end. Ira.
Philip wrote:
> I was pondering sugar as a potential short, maybe not tomorrow but soon
> (watch what happens now that I'm on the record!). But then I fired up
> the old fib tool and well, have a look at the GIF. Looks like the 536+
> level is a classic case of resistance turned into support. Back in May
> 536 was a tough hurdle to take, while over the last 6-7 trading days
> roughly the same level is where somebody's just as adamant about buying
> it.
>
> Maybe a short at this point would have limited potential. Last weekend,
> everybody did their homework and came to the conclusion "Yup, it's
> turning down again." There must have been all sorts of sell orders
> waiting on Monday morning to drive price down like that. But then
> somebody stepped in and really bought in no uncertain terms (and at a
> nice price too).
>
> Am I on the right track?
>
> ------------------------------------------------------------------------
> [Image]
|