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March Orange Juice

 
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JimSpeer



Joined: 03 Dec 2004
Posts: 136
Location: Milwaukee WI

PostPosted: Wed Feb 08, 2006 10:50 am    Post subject: March Orange Juice Reply with quote

Here is an interesting candlestick chart. In OJ, the hanging man developed right at previous resistance of approx 132. STO's are over 80.

After charting this formation, the price opened this morning down from yesterday's CLOSE. Any thoughts or comments.



Jim Speer
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voodoo



Joined: 16 Jul 2005
Posts: 24

PostPosted: Wed Feb 08, 2006 2:08 pm    Post subject: Reply with quote

volume would be interesting for this chart.
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abbo



Joined: 12 Sep 2004
Posts: 148
Location: australia

PostPosted: Wed Feb 08, 2006 7:32 pm    Post subject: Reply with quote

This is a good short set up.
I use slightly different indicators to the recommended on this site and they too are showing good sell setting up. Another spinning top has the bulls really worried now
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candlestick1
Site Admin


Joined: 27 Jun 2004
Posts: 503
Location: Houston, Texas

PostPosted: Wed Feb 08, 2006 8:54 pm    Post subject: OJ Reply with quote

yes, this is a good commodity trade on the short side, especially if it trades below Tuesdays low again
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JimSpeer



Joined: 03 Dec 2004
Posts: 136
Location: Milwaukee WI

PostPosted: Thu Feb 09, 2006 4:46 pm    Post subject: Reply with quote

Steve,
Here is the updated chart for Orange Juice. You suggested:
Quote:
yes, this is a good commodity trade on the short side, especially if it trades below Tuesdays low again

For educational purposes, walk me through the mental process for this trade....For me it says, OJ opens lower and trades lower. Would this be something that should have been sold early in the day or at CLOSE or wait for a stronger signal? I think this type of hanging man makes the STOP loss stragegy easy ( above the candle 2 days back) and helps define the risk. It is the entry strategy that is the puzzle.



Jim Speer
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cosmo



Joined: 06 Apr 2005
Posts: 57

PostPosted: Fri Feb 10, 2006 1:04 am    Post subject: Reply with quote

.

Last edited by cosmo on Thu Feb 16, 2006 4:16 pm; edited 1 time in total
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JimSpeer



Joined: 03 Dec 2004
Posts: 136
Location: Milwaukee WI

PostPosted: Fri Feb 10, 2006 2:34 pm    Post subject: Reply with quote

The end. The CLOSE for OJ on Friday was 133.45. In my mind the SHORT trade opportunity is over. Depending on the previous discussion and where one would have been filled; I suspect that most traders would be out with a small loss.
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abbo



Joined: 12 Sep 2004
Posts: 148
Location: australia

PostPosted: Sat Feb 11, 2006 12:33 am    Post subject: Reply with quote

I agree that I also would close out however the price rise is still indecisive. I would keep this on an active watch list
Draw a trend line for the run up from mid january and watch how the signals perform at this line. At times I also find that comparing where a moving average (9 and 20 days are common uses for me) is in relation to the trend line and price can be useful--distance away from each other indicates if a bubble of over enthusiasm has formed. Also, the MA can cross the trend line to help confirm you are looking at a true shift of sentiment
Just some thoughts to ponder
Abbo
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