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Nice trade on W! I shorted W on the ID breakout on the 29th but scratched
the trade the next day when there was no follow through. There were good
short pattern setups on the 4th and 8th but I was already short beans so I
passed. I was showing strong support between 458-463 so I covered this
morning and am flat, however I think there is probably one more leg to
downside. Looking at W on the unadjusted continuous weekly, yesterday closed
below the 78% retracement but if it can bounce here and hold for weekly
close, there might be hope for a bottom. Weekly S is showing current w.4
however I think it will retrace to the 50-62% zone where we might see a w.2
bottom.
LC is a bit of a challenge at the moment. AGet shows a w.4 which is unlikely
to provide new highs for w.5 so I'm watching for a short. I shorted at 6845
yesterday on the retracement from the lows but scratched it an hour later at
6865 when it started showing strength. Good setup this morning for a long
trade but I'd rather short into at the end of a weak trend than trade the
long side. My daily unadjusted perpetual is showing a strong time cluster on
12Nov so we just might be getting close - maybe railroad tracks for Friday.
Hadn't noticed the H&S setup until you mentioned it, however OBV is a bit
higher on the right shoulder than the left.
The one I'm kicking myself for missing is the hogs - a very clean setup.
Short on BP is looking very tempting, may have a run at it tonight or
tomorrow after I do my EOD work.
Earl
----- Original Message -----
From: sheley <sheley@xxxxxxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Thursday, November 11, 1999 11:33 AM
Subject: wheat and cattle
> >>>>>>>>Anyone else
> trading the short side of grains? Anyone else looking for a possible short
> setup in cattle?
>
>
> Just took off my Dec wheat
> trade was short from 260.
> think I held this about 3
> weeks with it going down to
> 50 and back up to 61 before
> finally meeting my objective
> this morning.
>
> Went short Dec cattle this
> morning; still waiting for
> my fill. think it will be
> 6935. may have jumped the
> gun here, making new highs
> today as I type this, still
> looks like a h&s.
>
> attached is a 60min wheat
> chart. took trade off when
> it hit the 1.27 retracement
>
>
Attachment Converted: "c:\eudora\attach\SDAIILY.gif"
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