Grains Journal
- Thread starter Buy1Sell2
- Start date
I think I would be unhappy to put on a position in the after-hours market without having access to the pit. How well are your stops executed in the pit?
Are you still in for three contracts? Fortunately, it looks like that harami from Friday didn't pan out to a retracement. There looks to be a few layers of support between 325 and 350. Are you setting any particular targets at this point?
My stops that I use in grains position trading are rarely hit. Stops are generally best executed in the front month beans and front month corn (most active that is)/ Wheat is a different story -- Not as good, I prefer to stop myself out manually. I am usually averaging either up or down and am somewhat delighted to see prices go against my initial position , so that I can add. I just never get overextended and that is the secret ("edge" as Steve46 was discussing recently) to my success in trading.
I certainly haven't made any correct calls so far in this run. You've shown considerable patience and stuck with a winner -- it's what everyone here aspires to do. Great job.
It looks there's still a little room before you hit the 200-week, 100-day, and 200-day MAs in the mid-330s (at least that's what the futuresource charts are showing), you're through the trendline on the weekly chart, and yesterday didn't really close with much strength.
Do the fundamentals give you cause to think it will make it through 320-325? On my charts it looks like the next major support comes in around 300.