MURICO.com Forum

Re:Dewey, you make me feel----
In Response To: DOWNTREND--HOW LONG?? ()

like such a whimp. If I turned 60 in a day, with my hallucinations, it would be the end of my trading because I am unable to come up with a plan to trade that way and manage my risk at the same time. There are many ways to successfully trade the markets and what works for one would bankrupt another. Nothing but thumbs up to you and you stomach of steel. I'm limited to what my pain tolerance will allow, so I'm confined to slow and steady. My trading days may not be exciting but I've slowly developed an attachment to the peaceful joys of fishing.

Today was one of those days I was tempted to throw caution to the wind to be a bottom picker on July hogs @ 79.20 but well into the second hour of trade I found myself wanting to sell rather than buy. My next support area was 78.80 but momentum was suggestion if 79.20 was taken out the drop would likely continue to 78.00-78.40. The weekly close will be critical for July hogs. Needs to get back above 80.00 to keep from triggering a stronger sell signal than the one triggered on the break of 81.40. In defense of my friendly bias, todays low did square Time & Price in a daily count cycle timeframe for a qualifying low. It can be forced lower to my 78.40 target which should trigger a bounce but can it trigger my north end fishing lines @ 80.15 to start the knee jerk back up to 80.80 or even the desired kiss of the 9 day mov av at 81.37 which would still keep the downtrend in place. Needs to close back above 81.90 to confirm a reversal for me.

Sure seems to be a lot of bears screaming and confident there's another $5 lower, which could prove to be the case. In my mind it's to early to start the fall selloff without at least a retest of 84.00-85.00. I have to believe 78.00 will at least bounce it back up to 82.00.

Messages In This Thread

DOWNTREND--HOW LONG??
Re:Dewey, you make me feel----
Re:Dewey, you make me feel----
Re:Dewey, feeling stupid------
Re:Dewey, feeling stupid------