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Today's Chart
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Chart Formation
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July
Beanoil is
trading in a narrow channel the top of the range is 3769 and the bottom of the
range is 3682. Bracket this market with an order to buy on a break above the
resistance and an order to sell on a break below the support. Place both orders
GTC so that which ever order is filled the other will become your initial stop
loss.
We were filled in our simulated account
long on 5/26/10 at 3774. The 50% of the most recent down trend is 3889,
that will be our initial target.
06/01/10 Since we were
filled long we are expecting this to be a fairly short term trade. We will keep
our stop close to limit losses in the event this was a false breakout. If we had
been filled short we might have given more room for market fluctuations, since
markets tend to have larger moves if they break in the previous trend.
06/04/10
We were stopped out of the trade at
3723, for a loss of $276.00
plus commission and fees.
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August Feeder Cattle
have a 1-2-3-top formation the #1
point is 117.87 the high on 4/27/1, the #2 point is 113.67 the low on 5/6/10 and
the #3 point is 116.37 the high on 5/10/10. You should have been filled short
this market on 5/14/10, I would move my stop loss down to a closer resistance
point ( 108.82)to lock some profits or at least to a breakeven point. 50% @
107.31
We were filled in our simulated account on
5/14/10 at 113.52. Since the market has hit our 50% level of 107.31 we are
moving our stop loss very close to just above the resistance of 108.82. If the
downtrend continues we will be quick to move the stop closer.
06/01/10--We were stopped out
of this trade today at 109.22 for a gross profit of $2150.00
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August Live Cattle
have a 1-2-3-top formation. The
#1 point is 9557 the high on 5/4/10, the #2 point is 9330 the low on 5/6/10 and
the #3 point is 9552 the high on 5/10/10. You should have been filled short on
this market on 5/14/10 when the market broke below the #2 point. The market has
reached the 50% level of approximately 8956 so you should tighten your stop to
at least the resistance of 9020, if not lower to lock more profits.
We were stopped out of our Live Cattle trade
in our simulated account on 5/27/10 at 9027 for a gross profit of $1,160.00
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August Lean
Hogs have a
1-2-3-top formation. The #1 point is 8752 the high on 4/23/10, the #2 point is
8400 the low on 4/29/10 and the #3 point is 8730 the high on 5/3/10. You should
be short this market as of 5/4/10, with your initial stop loss just above the #1
or #3 point. 50% @ 7499
06/04/10
We were filled short in our simulated account
at 8390 on 5/5/10, this market is acting sluggish so we are moving
our stop down to 8360, to limit losses if the market decides to changes trends
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July Oats
has a 1-2-3-bottom formation the #1 point is 188 ¼ the low on
5/17/10 , the #2 point is 201 ¾ the high on 5/24/10 and the #3 point is 191 the
low on 5/28/10. You should have been filled long this market a few days ago,
your initial stop loss should be just below the support of the #1 or #3 point.
50% @ 250 ¼
06/01/10
Made a new #3
point at 190 ¼ the low on 6/1/10. This does not change our current buy stop
order.
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July Sugar
has a 1-2-3-bottom formation the
#1 point is 1300 the low on 5/7/10, the #2 point is 1482 the high on 5/13/10 and
the #3 point is 1381 the low on 5/17/10. You should have been filled long this
market a few days ago, your initial stop loss should be just below the support
of the #1 or #3 point. 50% @ 1901
We were filled in our simulated account at
1490 on 5/19/10. We currently have our stop loss at 1295
You could also trade this market as a
narrow sideways channel. When bracketing the market place both your buy stop and
sell stop orders GTC, so that which ever order is filled the other becomes your
stop loss automatically.
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July Wheat has
a new #1 bottom point at 456 ¼ the low on 5/25/10 and a possible #2 point at
473 ½ the high on 5/27 and 5/28. Continue to watch this market for a complete
1-2-3-bottom formation. 50% @ 606 ¾
06/01/10 July Wheat made a
new #1 bottom point today so with only 3 ½ weeks until FND we are switching to
the September contract. September Wheat made a new #1 bottom point at 466 ¾ the
low on 6/1/10. Continue to watch this market for a complete 1-2-3-bottom
formation.
06/04/10 September Wheat made a new #1 bottom point at
458 ¾ . Continue to watch this market for a complete 1-2-3-bottom
formation. 50% @ 587
September
Wheat has
a new #1 bottom point at 448 ¼ the low on 6/7/10. Continue to watch this market
for a complete 1-2-3-bottom formation. 50% @ 581
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There is risk of loss in futures trading. Past
results are not indicative of future results.
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