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May 1 low 193, same low as March 4; we cover shorts at 194 making a profit of 13¢ per bushel or $5,200. added to $17,6000. gives $22,800. capital. We stop trading in this May option because it will expire on May 20. We could trade inJuly, September or December but we wait for the May Rye for the 1953 delivery to start trading and show a trend and then we start trading again.
5月1日低位193美分,与3月4日的低位相同。我们在194美分作短线赚取13美分/蒲式价值5200美元的利润。加上17600美元共22800美元的资金。因为到5月20日合约即将到期,所以我们停止了交易。当时虽然可以交易7月、9月、11月合约,但是我们等到1953年5月黑麦合约的上市并显示一个趋势,然后我们再次开始交易。
1952, July 23 high 218.5 under the old top of 221.5. It declined to 207 on July 19,August 14 high 219, a second high and slightly below the 1951 high. We sell short 50,000 at 218 and place the STOP at 222.5. The trend moves down. August 18,19th and 29th and September 20 prices are 196.5, 195.5, the same as May 1952.Because we know that the seasonal trend is usually low in the latter part of Augustor early September, we cover all the shorts, 50,000 at 197 and buy 50,000 at 197 for long accounts and place STOP at 194. November 13 high 213-3/4 a lower topthan August 14, but we wait to sell until we get a definite indication. November 24 and 28th lows 204, we raise STOP to 203. This STOP was caught and we sold 50,000 longs at 203 and sold short 50,000 bushels. This gave us a total profit or working capital of $26,3000.00. We sold 50,000 short at 203 and raised the STOPto 209.
1952年7月23日高位218.5美分,低于历史顶部221.5美分。7月19日下跌到207美分,8月14日上升到219美分,是仅低于1951年高点的第二个高点。我们在218美分短线卖出5000蒲式耳并将止损设在222.5美分。趋势向下移动。8月18、19、29日以及9月20日的价格分别是196.5美分、195.5美分,和1952年5月相同。因为我们知道季节性的趋势变化通常使价格在8月的后月以及9月初比较低。我们在197美分买了50000蒲式耳作短线,又在197美分买了50000蒲式耳作长线,并在194美分处设止损。11月13日高位213.75美分比8月14日的顶部更低,但是我们一直等到一个明确指示出现时再卖。我们将止损提高到203美分,在11月24日、28日出现低位204美分,此止损点触及,因此我们在203美分卖出了5000蒲式耳短线和5000蒲式耳长线,我们赚取了共263000美元的周转资金。后面在203美分卖了5000蒲式耳短线,将止损位设在209美分。
December the market broke the price of 195, the old low. We sold 25,000 more at193 and made STOP on 75,000 at 196. 1953 January prices broke the lows of July1952 at 190. We sell 25,000 at 188 making STOP on 100,000 at 193.
12月市场突破了历史低点195美分,我们在193美分又卖出25000蒲式耳,并在196美分设置了75000蒲式耳的止损,1953年1月价格下跌到190美分并突破了1952年7月的低位。我们在188美分卖掉25000蒲式耳,在193美分设置100000蒲式耳的止损。
January 1953 – 12th – low 180. January 15 high 187, reduce STOP on 100,000 to189.5.
1953年1月12日低位180美分,1月18日高位187美分,将100000蒲式耳的止损降到189.5美分。
February 13 low 171.March 3 high 182.5, reduce STOP to 186.
2月13日低位171美分,3月3日高位182.5美分,将止损降至186美分。
Later in March the price broke 171 low. We sell 25,000 more at 166 when the price breaks the low of 169 of July 21, 1927 and it had broke 50% of 335.5 whichis 167-3/4, putting it in a very weak position with the main trend down.
在后来的三月份,价格向下击穿171美分。当价格击穿1927年7月21日的低位169美分时我们又在166美分卖出25000蒲式耳,这时价格已经击穿了335.5美分的50%,也就是167.25美分,随着大势的下降,市场这时处于一个非常微弱的情形中。
10-4-2006 06:57 shy
May 11 low 154
5月11日低点154美分
March 3 high 182.5, reduce STOP to 186.
3月高点在182.5美分,止损移动到186美分。
Later in March the price broke 171 low. We sell 25,000 more at 166 when the price breaks the low of 169 of July 21, 1951 and it has broke 50% of 335.5 which is 167-3/4 putting it in a very weak position with the main trend down.
3月后期价格击穿171低点。价格突破1951年7月21日的低点169美分,在跌破335.5的50%即167.75美分时,我们又在166美分卖出25,000蒲式耳,下跌趋势已经非常的虚弱。
May 11 low 154. We buy 125,000 at 156 to cover because the May option will expire about May 20 [1953]. We now have a total profit of $69,550. to work with.We can now trade safely on 100,000 bushels which gives 70¢ per bushel marginand a loss of 3¢ on 100,000 bushels would be $3,000. and if we lost for ten consecutive times we would still have more than half or 50% of our capital to trade with, which is perfectly safe.
因为5月份的合约即将在5月20日到期,我们在156美分平了125000蒲式耳。我们目前共有资金69550美元来操作,所以现在就可以比较的操作100000蒲式耳了,这将获得70美分/蒲式耳的利润,按亏损3美分计算,100000蒲式耳的损失只是3000美元,假如我们连续10次损失我们将仍然有原来一半以上的资金去交易,这就显得极其安全。
We wait for May Rye for 1953 [1954.5] delivery to give an indication of what it is going to do.
我们将等1953年5月黑麦的交割后,观察其给我们未来交易给出下步操作指示。
1953, July 6. The option opened at 153, a new low. July 7 high 156 when itbreaks 153 we sell 100,000 bushels at 152 and make the STOP 157. It declinesvery fast and we sell 25,000 more at 140 because it is 3.5¢ below the 50% of 286.5 which is 243.5 [143.5.5], the high of May 7, 1946 and we wait until the price is 3¢below this level which puts it in a very weak position before going short.
1953年7月6日,该合约以新低价153美分上市。7月7日上涨的高点156美分,当它击穿了153美分时我们在152美分卖出100000蒲式耳,止损位157美分。随后行情暴跌,于是我们又在140美分售出25000蒲式耳,因为它低于286.5美分的50%的3.5美分,该价位143.5也是1946年5月7日的高位。我们等待价格跌至此价位3美分下面,在短期走强之前,此价位使市场处于非常微弱的境地。
[本帖最后由 mzyma1355 于 2008-1-18 17:22 编辑 ] |
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