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84 Sold Bought Bought Bought sold Sold Sold Sold Sold Bought Bought Sold Sold Bought Bought Sold Sold Bought Bought Sold Sold Bought 5000 5000 3000 2000 5000 3000 200O 1000 500 5000 3000 5000 3000 5000 3000 5000 3000 5000 3000 5000 3000 5000 at at at at at at at at at at at at at at at at at at at at at at Less commissions Balance forward 181 -closed at 183 1/2 183 1/2-closed at 191 3/4 188 1/2-closed at 191 3/4 193 1/2-closed at 191 191 3/4-closed at 167 186 3/4-closed at 167 181 3/4-closed at 167 176 3/4-closed at 167 171 3/4-closed at 167 167 -closed at 174 172 -closed at 174 174 -closed at 166 1/2 169 -closed at 166 1/2 166 1/2-closed at 174 171 1/2-closed at 174 174 -closed at 166 1/2 169 -closed at 166 1/2 166 1/2-closed at 174 171 1/2-closed at 174 174 -closed at 166 1/2 174 -closed at 166 1/2 166 1/2-closed at 164 Total ...... and taxes............... Net credit...... DEBIT CREDIT $5,621,452 12,000 3/4 3,500 7,500 $23,500 $19,875 41,250 9,750 123,750 59,250 29,500 9,750 2,375 35,000 6,000 37,500 7,500 37,500 7,500 37,500 7,500 37,500 7,500 37,500 7,500 $6,163,077 $ 43,375 $6,110,702 Error March 10, 1927 to June 7, 1930 509,600 shares at $25 per 100 shares should be $50 per 100 round turn................$ 127,403 Tax at $4 per 100 shares not figured on 869,700 shares.......................$34,788 $ 162,191 Total net profits........$5,957,511 June 7th, 1930 5000 shares short at 165 June 11, low 160 1/2J June 13, high 166. We make stop on shorts at 167. June 16 we sell 3000 at 161. June 18, low 155. We make stop on all trades at 158. Stop caught. We buy 5000 at same day and we go short 5000 at 165. Steel declines to 164 on June 7th. We can now make stop 167 or wait until the Overnight makes a turn, then place a stop 1 point above the top from which the Overnight Chart turns down again or follow down with a stop loss order 3 points above the low of each day. The following statement covers trades from March, 1930 to June 7th, 1930, inclusive:
158. June 20, high 162 1/4. We make stop at 159 1/4. Stop caught. We go short 5000 at 159 1/4. June 25, low 151 5/8. We reduce stop to 154 5/8. Stop caught. We buy 5000 at 154 5/8. We could have bought at 152 with stop at 149 because 150 is 1/2 point from 1914 to 1929. June 27, low 153 1/2. We make stop 153. June 30 Steel crossed 157 1/2, the tops of June 24 and 26 and for the first time since June 28 makes a higher top on the Overnight Chart. For this reason we buy 3000 more shares at 157 1/2 ana makes stops on all trades at 154. On June 30, 1930 the account stands: DEBIT CREDIT Sold 3000: at 165 -closed at 158 35,000 Sold 3000: at 161 -closed at 158 9,000 Bought 5000: at 158 -closed at 159 1/4 6,250 Sold 5000: at 159 1/4-closed at 154 5/8 23,125 Balance.................. $ 73,375 Less commissions and taxes......................... 9,720 Net profit........... $ 65,655 June 7th capital.........$5,957,511 Operating capital........$6,021,166 With 5000 bought at 154 5/8 and stop on all trades at 154 and 3000 bought at 157 1/2. July 1st, high 161 3/8. We raise stop to 158 3/8 because last high on June 20 was 167 1/4 and failing to cross this level indicated lower. The stop was caught and we went short 5000 at 158 3/4. July 8th, low 153 1/4. Note low on June 27th was 153 1/2, from which the Overnight turned up for the first time since May 28, when the stock sold at 175. We cover shorts and buy 5000 at 153 1/2 with stop at 152 1/2 because this was a double bottom same as June 27th. July 9, high 158 1/4; July 10th, low 155 3/4. We raised stop to 154 3/4. On July 10, when Steel rallies to 158 1/2, we buy 3000 more at 158 1/2 and make stop on all trades 155 1/2. July 14, high 163 3/4. We raise stops to 160 3/4 or 3 points from the high. We can either follow up with stop 1 point under each days lowest or wait until the Overnight Chart makes a turn, then place stop 1 point under the Overnight bottom. July 19, high 168 3/4. We sell out longs and go short 5000 at 168, because 169 is 3/8 point from 198 3/4 to 151 5/8. We makes top 170. July 21, low 162 5/8- In view of the fact that the Overnight Chart still shows up, we note last low at 164 1/4 on July 16. We calculate the 1/2 point from July 10th bottom, 155 3/4, to high at 168 3/4 and get 162 1/4 as the 1/2 point, so we cover shorts and buy 5000 at 163 with stop at 161.
July 23, high 168 1/2. We sell out longs at 168 and go short. July 25, low 164 1/4. We cover shorts and buy with stop at 162 or one point under the low of July 21. July 28, high 170. We sell out longs and go short. July 31, low 163. We cover shorts and buy at 163 1/2 wit stop at 162, because 163 is Resistance Level. August 5, high 170 1/4, a double top against July 28. We sell out longs at 170 and go short with stop at 171. We sell more at 165; then sell more at 160 because it has broken bottoms of July 21 and 31. The last Resistance Level on July 10th was 155 3/4. The stock declined to 155 1/2 on August 13. We cover shorts and buy at 156 with stop at 154 3/4. Then buy more at 161 where the Overnight Chart turned trend up. Steel advanced to 166 3/4 on August 16. August 18th reacted to 162 3/4 and resumed advance. We raised stop to 161 3/4. August 20, high 168 1/2. August 21, low 165 3/4. Make stop 164 3/4. August 27 and September 2nd, high 172 1/4. September 4th, low 167 1/4, still above main 1/2 point. Stock is at 166 1/4. We make stop 165. September 8, high 173 1/2. Note three tops. May 6th, 14th, and 28th at 175. The 1/2 point is 174 3/8. September 8, we sell out longs and go short at 173 with stop at 176. If it had crossed the 3 tops made in May, we would buy for long account. September 16 declines and breaks low of September 4th and we sell more at 167; then sell more at 164, because it has again broken the main 1/2 point, 166 1/4. September 27, we sell more at 159. September 30th breaks 155, under bottoms of July 10th and August 13th; then rallies and makes two tops on October 1st and 3rd at 160 1/2. We make stop 161 1/2. Then sell more at 155; then at 149, sell more, because it has broken the low of November 13, 1929, the big 1/2 point. October 10 and 14, low 144 1/2. We cover all shorts and buy with stop at 142. October 11 and 15, highs 151 1/2 and 152 1/2. We sell out and go short on 2nd top. October 18 we cover shorts and buy 145 with stop at 143. Then buy more at 150. October 28, high 154, and over last 2 tops. We make stop at 151. Stop was caught and we go short. Later we sell more at 146. Then when it breaks 4 bottoms, sell more at 143. November 8th, 10th and 12th made bottom. We cover shorts on stop at 143 and buy. Then we buy more at 147. The next point to watch is 150, the 1/2 point, where 4 tops were made November 15th, 20th, 21st and 25th, We sell out there and go short with stop at 151. We sell more at 145; then sell more at 140. Cover all shorts and buy for long account at 135, because this is the 1/2 point between 8 3/8 and 261 3/4, being half of the life fluctuation and the etrongest point since 150. It made double top December 18 and 20. We sell out longs and go short at 140. On December 29th it declines to 135 3/4. We cover shorts and buy because 135 is the 1/2 point. We buy a second lot at 141 and when it reacts on January 2nd, we raise stop to 137, On January 7th and 9th, it makes double top and we
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