Beans Ever Going Down

unless you are in the pit it is very difficult to trade beans it is still an order flow market in the pit, but that will change as more and more people come onto the ecbot platform like what happened to the SPU's and fixed Income.
 
Here is a rule to live by: That which should go up, better go up. If it does not, its probably going to go straight down. The inverse of this also applies.

That one sentance all by itself can be made into a valid and profitable aproach to the entire market too btw.

Brandon
 
BTW: I have VERY good resistance on today's highs in SX. I may short them tonight also.......

Quote from youngtrader:

We had a better than expect progress report monday with traders expecting 2-3% decline with us coming in at a 1% increase.
Market still seems to be trading a shitty bean crop (reminds me a lot of the corn market early in the year both technically and fundamentally) when I believe we have much more of a bean crop than what everyone thinks (at least in midwestern iowa where i am at).
We are starting to get forcasts for dryer weather in the northern belt and wetter weather in the southern which is almost ideal for a decline in the bean market.
All the fat cats that have pockets full of money with the rise in beans should start to take money before the end of the month on friday.
Although market is over all big moving averages we are running into huge tech resistance at the shoulders of the head and shoulders pattern and the top of a downward trading range.

Those are the reasons and I sold lots of calls in the wheat market today but not flat price futures (im not that much of a hero!)

I sold more beans today at 890 and am not afraid to add more to a position that I think I am right about.

It makes me feel better now after the recent posts that I am not part of the crowd in this bean market because that is deffinantly a bad decision!
More...
 
PABST------When grains get into new all-time high territory, just look at even-dollars, half-dollars, quarters, dimes, nickels, even-pennies and odd-pennies for resistance. The "round" numbers usually cause some hesitation in the intra-day trend. A quick sell-off after the opening of the pit seems reliable too. I'll be fighting the wheat all the way up to $13/bushel!
 
Wow you guys must think im a total amateur at this game! I know that the ethanol craze is making the market go crazy (I live on a farm). I know obviously more corn acres means less bean acres. Lets try to have a little more sophisticated conversation about these beans and not talk about the elementary stuff. I know I am much much younger than most of you but this isn't my first rodeo eather.

Papst I agree with you. We closed at 894 tonight so I will try to take one more short sell at that number than just leave a stop in and let it work out. Like I said I sold more beans at 890 yesterday. The 890 level is crucial and the fact that we sold off from 893 is very supportive of going short these beans. I think we could test 820 again before going supstantially higher after harvest (wait untill late winter/early spring you will see fireworks in this grain market).

I see nov up another 9 cents on the over night and wheat up 20 while corn down '4. This is total BS. This wheat deal is over! Its price relative to corn will shut off demand like that. Im not sure where to get short hear but am selling 9 calls on up in this market.
 
“The 890 level is crucial”
Why?

“This wheat deal is over!”
Have you seen the weather problems worldwide for the largest exporters?

“selling 9 calls”
Are you talking options here?
 
Sold 2 more nov at 894 today. My average is now short 6 beans at 886. We closed at 882'4. I expect this to continue tuesday. A TOP IS IN! My guess is we take beans down to 870 minimum.
 
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