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34 N0x1 morning, sugar opened higher. Pricrs were now above tfie Ross hoolc of Ihe previous day. The open had created another Ross hook as well By opening above the low made by yesterdays last price bar, I now had two hooks staring a\ n e. Heres liow things looked shortly after the open: Sn 60 MIMUTE H 4 sell sell 4 5 7 10 11 12 13 14 17 13 19 20 21 25 26 27 2B Over the years, Ive learned an important lesson, [f an entry signal v/as good for profits once, it ts good for profits twice.. I have to admit I was a bit nervous about taking the old Ross hook, I was afraid prices might retrace after the open just enough to give me a fill and tfien take off tlie wrong way. Dot Tve learned lo trade wfiat I see, not what I think. If that older Ross hook was good once, then ii uugfit to be good again. I placed an order to sell a ten ot if prices broke below. 900 095 090 BQ5 OBO 075 070 065 060 055 05 GIS 010 035 B30 B25 BZG B15 010 B05 BOO 795 790 785 700 775 1 5 6 7 10 12 13 17 10 19 20 21 25 26 2? 20 Prices broke below the old Ross hook and I was filled on a ten lot at 874. vs/asnt loo long l>efore rny cost liquidation otiiective was reacficd at 864. t casfied ttiree coniracis there on a MIT. I ended up being filled at 863 so I got a bonus of one point. Prices kept working their way dcwn, so I moved the stop on seven contracts to breakeven. 900 895 890 BBS BBG B75 B70 B65 BSO BS5 650 B45 BIO B35 830 B25 820 15 BIO BOS BOO 795 790 7B5 780 775
I- 4 5 6 7 10 12 13 14 17 IG IS 20 21 25 26 27 2a v;as filled on a five lot at 853. As soon as I was filled, prices began 10 move up. I quickSy moved ihe siop on seven contracts to protect fialf the 3rofit:s I fiad made, I protected 11 ticks at a price of S63. The trarle callcc for me to pJace tfje stop on rrty five lot at 863 as welh 1 fiad a cost covering objective at 843. The hour closed at 862, 900 095 690 BBS 8BG 875 B70 B65 B6G B55 BSO 845 B4G B35 630 B25 B20 015 810 805 BOG 795 790 7B5 7B0 775 The next bar opened at 861, and I had hopes of prices movirig even ower. My expectations were dashed wfien prices tIckBd to 363. \l was iirne to jsloce an order lielow tfie new Ross fsook. Wfiiie I waited fur tfiings to develop, I toted up tfie score, I had made eleven points on my entire ten lot at 863 - first wfiefi I covered costs on three contracts at that price, and then again when J took profits on seven contracts, I had total costs of 5250, so m\ net profit was 51,232 - $250 - S982, $685. I had lost $560 on five contracts ptus S1 25 in costs, for a total of When prit;es opened and then traded up sharply, I placed a mental sell stop below tlie open. If prices were to take out ifie open, thcy .might test tfie area of the Ross hook wfiich would give rne a chance to scalp out a piece of tl)e narket. 60 HIMUTE Mental se 900 895 690 G85 GOO 075 B70 B65 B60 B55 B50 B45 GIO 035 830 BZS 815 BIO 005 BOO 795 790 765 7 0 775 4 5 6 7 10 11 12 13 14 17 IS 19 20 21 25 26 27 2B
45 6 7 10 11 12 i III 13 14 17 IB 19 ZD 21 25 26 27 2B I WBS tilled on a ten lot at 360 with a liquidation obiective of 650 to cover costs. Tlie hoor closed below my eotFy, but failed to reach S50. My stop loss was at 860. 900 B95 90 8B5 BOO B75 870 865 B60 855 850 B45 B40 835 B30 BZ5 820 815 BIO 805 BOO 795 790 705 780 775 The next hour, the last of tfie day. opened where the previous bar closed. It stayed in a very tight trading range between 858 and 855 for thirty minuCeSn and then proceeded downward, reaching a low of 8-10 during the next ten minutes. On the way. it gave me my cost liquidation objective at 850, and filled a five Eot on a breakout of the Ross hook at 851. By renching G-IO, I was also able lo cover costs on the five lot at 841. 1 cashed two contracts. At 840 the market looked like tfiis: SB 60 hlMUTE 5 6 7 19 n 12 13 17 18 19 20 21 25 26 27 20 Too late to do me any good. I realised I could have simply liquidatrd fewer comracis. and avoidetj paying extra commissions.
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