MURICO.com Forum

Re: Well Dewey, my thoughts----
In Response To: Hogs by Jerry Welch ()

are for Good Fishing scalps for another week in a 2.00-2.50 trading range, with 64.10-64.25 probably being the North Side Brick Wall. I have potential support counts from 62.40 down to 61.70 for the needed South End Stopper. With this 3 week cycle that doesn't end until Sept 5th, I can always count on double frustration and anxiety, with triple amounts of wrong, wrong, and more wrong when guessing for the stopper/reversal. Sometimes 5 days of aftershock are still present after the new cycle kicks in. Daily fishing scalps are the only thing that has any credibility and then you don't want to hold too long.

This cycle is very good at setting up the Bull or Bear Trap for hogs and my thought process played right into it with most other hog traders. It usually doesn't get this aggressive in the directional move but with the crowd and myself being Moon Gazers, we were easy bait for the setup. I would have been skinned to the bone if it wasn't for unbreakable Rule #1---Damage Control. When the bottom is found, I have to believe we will at least see the 50% retracement addiction play out. However, the one thing nice about this cycle-----it does have a high % addiction to giving back everything it took for 3 weeks. So it would not surprise me to see it run back up to Kiss 71.00 again. Actually I will be very disappointed if it fails.

Messages In This Thread

Hogs by Jerry Welch
Re: Well Dewey, my thoughts----
When the end of the day came, - - -