MURICO.com Forum

Re: I wasn't watching the cattle -

at one point in the day I was thinking take profits if that spread drops back to 86.00 and then I stopped watching it. After I was knocked out of some long Feb cattle @ 164.95 I stopped watching the cattle but at the close the limit down caught my attention and so did the spread below 85. I didn't waste any time making a deposit on my spread. The dang hog market did nothing but throw egg in my face all day. It did finally make the drop to a new low that I thought should have happened the first 2 hours. The only gratification I got from todays trade is to know I wasn't hallucinating about the target. I guess I was hallucinating the 1st 2 hours. Down momentum has once again become entrenched, this afternoons knee jerk has to find a way to get back to and above 80.20 to trigger a reversal. My guess it will be a Monday thing if this Jan 9th-12th reversal window holds to its 80/20 addiction. I would like to see a clue tomorrow that it's thinking about it with a higher daily close.

My gut tells me today was all a smoke and mirrors grand finale puke and 78.50 will prove to be a bottom base. Todays move sure has a signature of a FORCED move with a purpose of creating the BOUNCE energy, while the bears are high fiving each other At the moment I can't convince myself to find the courage to buy at 78.50 and risk a $1 on the bottom picking guess a second time. The 60 minute chart does have a clear reversal X pattern shaping up. The afternoon trade has already triggered a 60 min buy signal. Has to be taken with a grain of salt since its afternoon trade. A 60 min close above 79.07 confirms the buy signal with a projected target to 80.15. I guess I do have something to sleep on and dream about to work up the courage to try 78.50 1 more time.

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Re: I wasn't watching the cattle -