|
PureBytes Links
Trading Reference Links
|
The best I can wish you is low slippage - the low volume and further decline
in open interest reported last evening for Wednesday's decline gave me the
final nudge to go long this morning on yesterday's inside day setup. It was
a very low risk entry because it opened down, declined to within a tick of
Thursday's inside day low, and then rallied. I did my initial long on a stop
one tick above Wednesday's 677 high and added on the retracement when no
significant selling materialized on the breakout. This is still early in the
game and I'm in for only half of a position. There should be time to add
additional longs if/when it tests the 790 area and retraces. There remain
some negative possibilities - a completed ABC correction on 20Sep with
another major decline ahead or an extended w.4. The low of the inside day
should hold and it would nullify the entire bullish scenario if it is taken
out today.
Earl
----- Original Message -----
From: Howard Hopkins <hehohop@xxxxxxxxxxx>
To: <eadamy@xxxxxxxxxx>; <realtraders@xxxxxxxxxxxx>
Sent: Friday, October 08, 1999 9:44 AM
Subject: Re: Sugar
> Earl,
>
> I'm short from 6.73. Didn't like the support and the bounce on higher vol
> like you pointed out. I sold it to see it break at least to 6.50. Since
it
> hasn't done that I've moved my stop down to 6.85 (a tick above today
high).
>
> I hope it break this afternoon, but the support looks pretty good.
>
> Howard
>
>
> >From: "Earl Adamy" <eadamy@xxxxxxxxxx>
> >To: <realtraders@xxxxxxxxxxxx>
> >Subject: Re: Sugar
> >Date: Thu, 7 Oct 1999 06:25:48 -0600
> >
> >Those who follow sugar might want to take a look at the volume and open
> >interest for the past 10-12 trading days and especially the past couple
of
> >days. Nuts and bolts, with the exception of 27Sep, volume has declined
> >noticeably when prices have declined and expanded when prices have
rallied.
> >The 3 trading days prior to 6Oct (volume not available yet for 6Oct)
showed
> >sharp declines in price (especially 5Oct) and minimal contract volume.
> >During the 4 higher volume trading days 27-30Sep, prices declined on only
> >one of the 4 days and open interest dropped by 15%. Further, 6Oct closed
as
> >a reversal day after bouncing sharply from Fibonacci and pivot support. I
> >believe we will shortly retest the highs and will be building a long
> >position in sugar.
> >
> >Earl
> >
> >----- Original Message -----
> >From: Earl Adamy <eadamy@xxxxxxxxxx>
> >To: <realtraders@xxxxxxxxxxxx>
> >Sent: Wednesday, October 06, 1999 5:29 AM
> >Subject: Re: Sugar
> >
> >
> > > For the time being, I generally agree in direction although I was
happy
> >to
> > > walk away with only 100 points per car on my last sugar trade out of
the
> > > tight congestion around 600. I believe it's headed back to 630-640
area
> > > basis Mar00 in what looks like a nearly completed 5 wave corrective
> >decline
> > > which has failed to mount any significant distribution (viewed by OBV)
> >while
> > > open interest has declined significantly. Should the congestion area
> >fail
> >to
> > > hold, the weekly charts would confirm the entire rally as an ABC
> >corrective
> > > rally and the monthly would charts portend a rather nasty 5th wave
> >decline
> > > into the area of the 85 lows around 260.
> > >
> > > Until I see evidence to the contrary, I am standing aside and watching
> >for
> > > opportunity to go long for a relatively long term position trade.
> > >
> > > Earl
> >
> >
> >
>
> ______________________________________________________
> Get Your Private, Free Email at http://www.hotmail.com
Attachment Converted: "c:\eudora\attach\SB0H.gif"
|