I'm sorry, but has anyone seen the setup in October 09 sugar? This thing looks like it could be one of the best short opportunities of Q3. Anyone trade this instrument? I've dabbled a bit in it. Made a little, got stopped out alot...but, damn this thing looks like it's within a few weeks of seriously rolling over.
Sugar No. 11
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I-Path Sugar ETF - SGG
I would not short into this rally, that's bush. I'd like to see a breakdown of a few key levels and trendlines. September is also the seasonal low for sugar. I'll be quietly licking my chops for the next few weeks. A breakdown in crude will increase the odds for a sugar short quite nicely. Just need the weather to cooperate, and it's a done deal.
Well, I'm not against it, I'm just looking well ahead in anticipation of a turn. I missed the massive move from 11 and a half, which started while the "trend" was down BTW. I agree, 20 looks like a possibility.
Some of the best money is made on the turns, and that's just my style. Thanks for the pep talk paul.
Could you elaborate? I'm curious.
Low was in October of 2008, and rallied approximately 20% from there (in about two trading weeks), and then never really looked back. Trend is all about timeframes, and the daily/weekly trends were negative when this puppy kicked off.
Everyone's opinion of what a "trend" is differs I guess. I hope I'm not completely wrong. All I really know for sure is that downtrends tend to follow uptrends and visa versa.
Maybe double top, I don't trade it though. I did read something about low crop output in India. Maybe 18.6's might be a good place to short.
http://www.screencast.com/users/divergence/folders/Jing/media/6ea0ed62-1399-4ea5-985a-6625706de399
http://www.screencast.com/users/divergence/folders/Jing/media/6ea0ed62-1399-4ea5-985a-6625706de399