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Orange Juice anyone?

 
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JimSpeer



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

PostPosted: Thu Dec 09, 2004 10:18 pm    Post subject: Orange Juice anyone? Reply with quote

I am not sure if there are a lot of commodity folks out there. I thought I would share a possible set up in Jan Orange Juice (OJF05).

The January OJ contract is in an uptrend and overbought (STO's +95), the HIGH of today's price is bumped up against the 50day MA, a doji has formed after the last white candle in the uptrend.

If the doji is the alert, I am looking for some type of bearish confirmation tomorrow to go SHORT. Any thoughts? Anyone else considering selling the OJ pattern?

Jim Speer
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tab321
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PostPosted: Thu Dec 09, 2004 11:15 pm    Post subject: The OJ Alert Reply with quote

Jim

Thanks for the alert. I wish I could offer advice but I am just now paper trading commodities. I will watch this and see how it plays out. The Doji Star should be the alert as you mentioned so it should be shortable on weakness that follows.

Good luck if you are using real money !!
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JimSpeer



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

PostPosted: Fri Dec 10, 2004 12:07 am    Post subject: commodity trades Reply with quote

Glad to find a commodity trader in the forum. I would be interested in any thoughts or ideas that reflect sound candlestick approach to the grains, softs, meats, and metals.

Looks like the doji indecision is over...up some more (over $400). Still over bought, still waiting.

Good luck on the paper trades

Jim Speer
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candlestick1
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Joined: 27 Jun 2004
Posts: 503
Location: Houston, Texas

PostPosted: Fri Dec 10, 2004 12:03 pm    Post subject: Orange juice Reply with quote

Use your analysis of what the candlestick signals need for confirmation.
The orange juice chart is an excellent chart pattern, a dragonfly doji right at the 50 day moving average. A lower open today would have been a confirmed sell signal.

However the gap up open eliminates that scenario, but the shooting stars signal after the gap up with stochastics curling down provides another excellent candlestick set up. If it opens lower on Monday after a shooting stars signal today, that now also becomes an excellent short positioning.

Thank you for pointing out this trade
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JimSpeer



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

PostPosted: Fri Dec 10, 2004 12:35 pm    Post subject: shooting star Reply with quote

I was a bit disappointed early as price and greed seemed to increase. But that shooting star sure looks good as the day trades on. I think there are a lot of recent buyers who are in that "hopeful zone"... maybe it won't head south now that I just bought it.

I am looking forward to Monday. Hopefully we'll see that bearish confirmation.

Jim
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