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500 300 200 100 2000 2000 2000 2000 2000 1000 2000 2000 1000 2000 1000 500 300 300 2000 1000 2000 2000 2000 1000 2000 1000 500 300 2000 2000 2000 2000 2000 2000 2000 1000 500 300 200 2000 1000 500 300 200 100 2000 1000 1000 500 300 200

at 162 at 167 at 172 at 177 at 187 at 187 at 180 at 182 at 185 at 180 at 174 at 177 at 172 at 171 at 176 at 181 at 186 at 191 at 190 at 185 at 183 at 184 at 183 at 188 at 187 at 182 at 177 at 172 at 174 at 180 at 179 at 184 at 185 at 186 at 187 at 182 at 177 at 172 at 167 at 165 at 170 at 175 at 180 at 185 at 190 at 195 at 200 at 205 at 210 at 215 at 220

3/4-closed 3/4-closed 3/4-closed 3/4-closed 1/4-closed 1/2 -closed 3/4-closed 1/4-closed -closed -closed 1/8-closed -closed -closed 1/4-closed 1/4-closed 1/4-closed 1/4-closed 1/4-closed 3/4-closed 3/4-closed 1/2-closed 1/4-closed 1/2-closed 1/2-closed 3/4-closed 3/4-closed 3/4-closed 3/4-closed 1/2-closed 3/4-closed 1/4-closed 1/4-closed -closed 3/4-closed 1/2-closed 1/2-closed 1/2-closed 1/2-closed 1/2-closed 1/2-closed 1/2-closed 1/2-closed 1/2-closed 1/2-closed 1/2-closed 1/2-closed 1/2-closed 1/2-closed 1/2-closed 1/2-closed 1/2-closed

at 187 at 187 at 187 at 187 at 187 at 189 at 182 at 185 at 174 at 174 at 177 at 171 at 171 at 190 at 190 at 190 at 190 at 190 at 183 at 183 at 184 at 183 at 187 at 187 at 174 at 174 at 174 at 174 at 180 at 179 at 186 at 186 at 186 at 187 at 165 at 165 at 165 at 165 at 165 at 251 at 251 at 251 at 251 at 251 at 251 at 251 at 251 at 251 at 251 at 251 at 251

1/4 1/4 1/4 1/4 1/4 3/4 1/2

1/4 1/4

1/4 1/4 3/4 3/4 3/4 3/4 3/4 1/2 1/2 1/4 1/2 3/4 3/4 1/2 1/2 1/2 1/2 3/4 1/4

3/4 1/2 1/2 1/2 1/2 1/2 1/2 3/4 3/4 3/4 3/4 3/4 3/4 3/4 3/4 3/4 3/4 3/4 3/4

DEBIT

500.00

150.00

750.00

525.00

CREDIT 12,250.00 5,850.00 2,900.00 950.00

4,500.00 24,500.00 5, 000.00 21,500.00 5,750.00 5,750.00 11,500.00 750.00

14,500.00 2,250.00 1,500.00 1,500.00 8,500.00

26,500.00 B,250.00 1,750.00

12,500.00 2,500.00 13,500.00 1,750.00 1,500.00 1,500.00 4,400.00 17,000.00 6,000.00 2,100.00 400.00 172,500.00 81,500.00 38,125.00 21,375.00 13,250.00 6,150.00 113,500.00 51,250.00 46,250.00 20,625.00 10,875.00 6,250.00



DEBIT CREDIT

Bought 100: at 225 1/2-closed at 251 3/4 2,625.00

Bala nee 33,425.00 2,833,577.50

Less debits...................................... 33,425.00

Less commissions and taxes....................... 24,700.00

Net balance............$2,775,452.50

Now that we have a total capital of $2,775,452.50, we can be ultra conservative and increase trading unit to 5000 shares. We sell 5000 short at 251 3/4. September 5th, low 245 3/4. We make stop 248 3/4. Stop was caught, and we buy 5000 at 248 3/4. August 7th, high 252 1/2. We make stop 249 1/2. Stop was caught and we sell short 5000 at 249 1/2. Later we sell 3000 at 244 1/2 and 2000 at 239 1/2. September 10th, low 238. September 11th, high 243 1/4. We make stop on all trades 244 1/4. September 13th and 15th, low 230 1/2. We reduce step to 233 1/2. Stop caught. We buy 5000 at 233 1/2, with stop 229 1/2 and then buy 3000 at 238 1/2 and 2000 at 243 1/2. September 19th, high 247 1/2. We raise all stops to 244 1/2. Stops caught. We go short 5000 at 244 1/2 and 3000 at 239 1/2. September 21st, low 232. We make stops at 235. Stops caught.

We buy 5000 at 235 and 3000 at 240. September 24th, high 241 3/4. We make stop at 238 3/4. Stops caught. We go short 5000 at 238 3/4 and later sell 3000 at 233 3/4, 2000 at 228 3/4. Then 1000 at 223 3/4, 500 at 218 3/4, 300 at 213 3/4, and 200 at 208 3/4. October 4th, low 206 1/2. We figure from the low of 149 3/4 in December, 1928 to the high of 261 3/4 and get 1/2 point at 205 3/4, but we are in a panic, so we follow down with 3 points above the low or at 209 1/2. Stop is caught, and we buy 5000 at 209 1/2 and later buy 3000 at 214 1/2, 2000 at 219 1/2, 1000 at 22 and 500 at 229 1/2. October 10th, high 234, same high as September 26th. We figure from 261 3/4 high to 206 1/2 low and get 234 1/8, the 1/2 point. We sell out at 233 and go short 5000 with stop at 235 1/8. Then sell 3000 at 230 1/8, 2000 at 225 1/8, 1000 at 220 1/8, 500 at 215 1/8, and 300 at 210 1/8. December 21st, low 205, just under the 1/2 point. Also note July 22nd, 24th, and 29th lows, 204 1/2, showing a strong resistance point, where we should cover shorts, but we reduce stops to 208. Stop caught. We buy 5000 at 208 and later buy 3000 at 213 and 2000 at 218. October 22ndj high 218 1/2. We raise all stops to 215 1/2. Stops caught.

We go short 5000 at 215 1/2. Later sell 3000 at 210 1/2 and 2000 at 204, when 1/2 point and bottoms are broken, and sell 1000 at 199, and 500 at 194, October 24th, low 193 1/2. As this is a panic day, we pull stops down 5 points from the low. This covers shorts at 198 1/2, and we buy 5000 at 198 1/2. October 25th, high 207. We know the 1/2 point is 205 3/4, so we sell out at 205 and go short 5000 at 208. Later we sell 3000 at 200, 2000 at 195, 1000 at 190, 500 at 185, 200 at 175, and 100 at 170.



October 29thj the great panic, Steel declines to 166 1/2. We must cover or follow down with stop 5 points from the low, so stop at 171 1/2 is caught, and we buy 5000 at 171 1/2, 3000 at 176 1/2, and 2000 at 181 1/2. October 31st, high 193 1/2. We raise stop to 188 1/2, Stop caught. We go short 5000 at 188 1/2. Then sell 3000 at 183 1/2, 2000 at 178 1/2, 1000 at 173 1/2, and 500 at 168 1/2. November 7th, low 161 1/2. We reduce stop to 166 1 /2. Stop caught. We buy 5000 at 166 1/4 and we buy 3000 at 171 1/2. November 8th, high 175 1/2. We make all stops 170 1/2. Stops caught. We go short 5000 at 170 1/2. Then sell 3000 at 165 1/2, 2000 at 160 1/2, and 1000 at 155 1/2.

Here we figure from low of 38, February 1, 1915, to high of 261 3/4, and find 1/2 point at 149 7/8. We also know the move started from 149 3/4 on December 17, 1928. Therefore, 150 is the strongest support level. On November 13th U.S. Steel sells at 150, but we do not wait for the last 1/8. We cover all shorts at 151 and buy 5000 with stop at 148 3/4. Later we buy 3000 at 156 and 2000 at 161. November 15th, high 167 1/2. We make stop 164 1/2. Stop is caught, and we go short 5000 at 164 1/2. December 18th, low 159 5/8. Then buy 3000 at 167 5/8. November 21st, high 171 7/8. We make stop 168 7/8. Stop is caught. We go short 5000 at 168 7/8, Then sell 3000 at 163 7/8. December 2nd, low 159 1/4, only 3/8 under low of November 18th. We make stop 162 1/4, Stop caught. We buy 5000 at 162 1/4 and later buy 3000 at 167 1/4. December 5th, low 164 1/2. We make all stops 163 1/2. Later we buy 2000 at 172 1/4, 1000 at 177 1/4, 500 at 182 1/4 and 300 at 187 1/4. December 9th, high 189. We make stop 186. Stop caught. We go short 5000 at 186. Then sell 3000 at 181, 2000 at 176, 1000 at 171, and 500 at 166. December 13th, low 164 1/4, same low as December 5th, We make stop 167 1/4. Stops caught. We buy 5000 at 167 1/4. Then we buy 3000 at 172 1/4. December 14th, high 174 3/4. We make stop 171 3/4. Stops caught.

We sell 5000 at 171 3/4. Later sell 3000 at 166 3/4. December 17th low 166 1/4, We make stop 169 1/4. Stops caught. We buy 5000 at 169 1/4, December 18th, high 173 1/2. We make stop 170 1/2. Stop caught. We sell short 5000 at 170 1/2. Later sell 3000 at 165 1/2, Sell 2000 at 160 1/2. December 23rd, low 156 3/4. We make stop 159 3/4. Stop caught. We buy 5000 at 159 3/4. Later we buy 3000 at 163 3/4. December 29th, low 163 5/8, We make all stops 162 5/8, Later we buy 2000 at 169 3/4.

1930

January 2nd, high 173 5/8. Low same day 166. We make all stops at 165. The price of 166 1/8 is the 1/2 point from 70 1/2, low of June 23rd, 1931, and the extreme high 261 3/4. Therefore, a strong support and buying level. January 13th, low 168 5/8.



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