This report was sent to subscribers on 8/3/10 8:00 p.m. Chicago time to be used for trading on 8/4/10. Everything is done by Howard Tyllas, no program or black box.
October Cattle (elec.)
After the close recap on 8/4/10: My resistance was 95.95 FG, .15 from the actual high, and my pivot acted as support and was 94.22, .12 from the actual low
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95.95 FG Resistance |
95.20 |
------------94.22 Pivot |
93.25 |
93.00 Key Uptrend Line Support |
Use the same numbers as used on 8/3/10 |
Trend 91.37 is the 200 day MA |
5 day chart....... Up (last week same day) |
Daily chart ...... Up |
Weekly chart .......Up ATR .97 |
Monthly chart.... Sideways Balanced 47% |
I still say "Top channel line acts as resistance again, while 93.17 supports at the uptrend line".
Notice how the downtrend line acted as perfect resistance on Thursday. This is another example of how the top channel uptrend line acts as resistance, while the bottom line acts as support. When the market was above the top line, it then acted as support.
In my daily numbers on Tuesday; my resistance was .30 from the actual high, my support was .50 from the actual low.
Notice how I use the open outcry chart to locate gaps, but I do my numbers for the electronic market as always. Open outcry is where I find the major players doing business.
October Cattle (elec.) for 8/4/10:
Cattle: helpful resistance but no help with the support being off .50. We are in the middle of the channel now and that means I have no bias today. I would use a stop risking .35 on a trade idea.
October Cattle (elec.) for 8/3/10:
Cattle: Spot on resistance and accurate support. Another home run trade idea on Monday provided by the top channel line resistance. I would trade the numbers without bias today and risk .40 on a stop.
October Cattle (elec.) for 8/2/10:
Cattle: Spot on resistance and accurate support. Since we are nearing the resistance level I want to only take the sell signal today and risk .35 on the trade idea. Sure looks like this chart wants to go higher, but until they take out this level, I cannot be long for a day trade.
October Cattle (elec.) for 7/30/10:
Cattle: Spot on support and accurate resistance. Top uptrend channel line which acts as resistance, put a halt to the rally. It is still a bull chart, but as always in any market, when they get to a resistance level I want to sell no matter taking profits if long, or a place to sell if I am looking to go short. I want to trade the numbers without bias and not risk more than .40 on a trade idea.
October Cattle (elec.) for 7/29/10:
Cattle: Spot on numbers. I have the same thoughts and using the same numbers as the last 2 days. I would not risk more than .40 on a trade idea.
October Cattle (elec.) for 7/27/10:
Cattle: Spot on resistance and helpful support. Bears were able to at least bring the market back into the uptrend channel and will try to do more damage today.
October Cattle (elec.) for 7/26/10:
Cattle: Spot on resistance and accurate support numbers. Bulls are hanging in there tough, and sellers are trying to cap the rally at last week's high. If not, bulls are targeting a retest of the high in May in the October futures contract. At best I would trade today without bias and not risk more than .40 on a trade idea. February chart has a nice bull channel going since the second week of June.
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Disclaimer: No guarantee of any kind is implied or possible where projections of future conditions are attempted. Futures trading involve risk. In no event should the content of this be construed as an express or implied promise, guarantee or implication by or from Howard Tyllas, that you will profit or that losses can or will be limited in any manner whatsoever. No such promises, guarantees or implications are given. Past results are no indication of future performance.
