Grains Journal

[Buy1Sell2]

July Beans look pretty strong here. As well as July Corn. I think I am a day or two late here. We'll go ahead and grab 2 units of Corn long and one unit of Beans long and add on dips.
I'll use limit orders here overnight at 238.75 on Corn and 6.00 on Beans. Always use limit orders in the overnight session. --I already have some corn longs from November, but that was before I registered with ET. So, for the purposes of this journal, we will use today as the starting point.

 

[Buy1Sell2]

Quote from Buy1Sell2:

July Beans look pretty strong here. As well as July Corn. I think I am a day or two late here. We'll go ahead and grab 2 units of Corn long and one unit of Beans long and add on dips.
I'll use limit orders here overnight at 238.75 on Corn and 6.00 on Beans. Always use limit orders in the overnight session. --I already have some corn longs from November, but that was before I registered with ET. So, for the purposes of this journal, we will use today as the starting point.

Well the intial move was good in Corn and bad for me in Beans. But as you know, we will be buying more Beans on dips. I'll go ahead and pick up one more unit here at 5.89.

 

[Buy1Sell2]

Quote from Buy1Sell2:

Still holding the May Wheat short at an average price of 381.33. (3 units). Anybody have an opinion as to whether the gap yesterday is a breakaway gap or will it be closed? Unrealized gain here of roughly 45 cents.

I have closed my short May wheat position at 341.00 using 3 units. I don't want to be too greedy here. Roughly 1.20 ($6,000) profit on this one. Nice--I'll give the exact numbers later today.

 

[Buy1Sell2]

Quote from Buy1Sell2:

Well the intial move was good in Corn and bad for me in Beans. But as you know, we will be buying more Beans on dips. I'll go ahead and pick up one more unit here at 5.89.

I took profit on the 2 units of Corn today at 245.5. I will be looking to get back in on the long side at some point. Still building a long position in July Beans, but it doesn't look promising just yet, so still just have the 2 units on.

 

[JangoFolly]

Quote from Buy1Sell2:

I have closed my short May wheat position at 341.00 using 3 nits. I don't want to be too greedy here. Roughly 1.20 ($6,000) profit on this one. Nice--I'll give the exact numbers later today.

Great patience -- great trade.


Regards,

 

[Buy1Sell2]

Quote from Buy1Sell2:

I have closed my short May wheat position at 341.00 using 3 units. I don't want to be too greedy here. Roughly 1.20 ($6,000) profit on this one. Nice--I'll give the exact numbers later today.

Forgot to post the profit here

3 units short 384.00 380.00 and 380.00

$1.21 profit=$6050
Commission =$32.61
Net profit=6017.39

 

[Buy1Sell2]

Disappointed in the July Beans so far. We'll hold here for a bounce into May or beyond. This may be one of those years unfortunately where prices go no where though. No more adding to the position for now.

 

[Buy1Sell2]

Quote from Buy1Sell2:

I have closed my short May wheat position at 341.00 using 3 units. I don't want to be too greedy here. Roughly 1.20 ($6,000) profit on this one. Nice--I'll give the exact numbers later today.

This turned out to be a good decision, although a long would have made sense also as there was a higher trough in RSI the next day. May Wheat is sitting at 363.75 as I write, so I would have given back over half my profits if I had tried to get greedy. One thing about Wheat--there should be another short opportunity at some point this Spring.

 

[Buy1Sell2]

Quote from Buy1Sell2:

Disappointed in the July Beans so far. We'll hold here for a bounce into May or beyond. This may be one of those years unfortunately where prices go no where though. No more adding to the position for now.

Still looking for the seasonal Spring rally here in Beans. Today's action may prove key. It will depend on the closing. There is at least the possibility here of a bullish histogram divergence, but it will depend on the closing. In Grains especially--the closing price is always very very key.

 

[Buy1Sell2]

There certainly is a Bullish divergence with respect to the histogram in July Beans and also a double bottom in RSI . I'll see how the next day or two develops and determine if it is sufficient to add to my long build.