Wheat Limit Up AGAIN (+60 cents)

I am about to short the crap out of wheat for a massive down move.... waiting for a bit of consolidation and possible wycoff into strong monthly resis, overlapping weekly and daily....

should get it down to at least 1070-80 on the march contract before finding support.
 
Quote from apex82:

I am about to short the crap out of wheat for a massive down move.... waiting for a bit of consolidation and possible wycoff into strong monthly resis, overlapping weekly and daily....

should get it down to at least 1070-80 on the march contract before finding support.
More...

Hi Apex, Could you post a chart with your levels? Thanks.
 
Shorted May and got long July @ -160 - it's safer with the spreads now imho - although this spread moved about 100 in the last few weeks.
 
Quote from apex82:

I am about to short the crap out of wheat for a massive down move.... waiting for a bit of consolidation and possible wycoff into strong monthly resis, overlapping weekly and daily....

should get it down to at least 1070-80 on the march contract before finding support.
More...

is that in the next 10 mins?:p
 
Quote from Rearden Metal:

I don't trade grains (or ags at all, for that matter), nor do I understand them.

How does a sudden wheat shortage develop in the middle of winter? Bad crops in the Southern Hemisphere?
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Neither do I, but it is quite simple in fact. I had a look at the Daily chart with MACD histogram. Daily price action was locked in bull flag's range, towards the apex of that flag 240 chart has put in a classic Buy set-up (classic ImE as I specialise in MACD histo), it was very similar to what has recently happened in Gold when it BO of Daily pennant.

Fundamental reasons in commodity markets are irrelevant to a certain degree as decisions can be made solely based on technicals.
 
Quote from apex82:

I am about to short the crap out of wheat for a massive down move.... waiting for a bit of consolidation and possible wycoff into strong monthly resis, overlapping weekly and daily....

should get it down to at least 1070-80 on the march contract before finding support.
More...

low of day 1070 2/8.... Right at support got a good chunk on the downside closed out at 1075.. went long, closed just now at 1109 and now short again from 1109 with a tight, tight stop at 1114

they may get me on this short.. but the R:R is 6 to 1

after a retest of the highs or new highs.. will be looking to build a position for a multi month decline if market starts to reverse or show weakness...
 
Quote from TheDudeofLife:

The CBOT, MGEX and KCBOT raised there limits for wheat starting with tonights session.

http://cmegroup.mediaroom.com/index.php?s=43&item=689

The March MGEX wheat contract was synthetically trading, via the options market, over $20 on Friday, which was $5 higher than Thursday's close.
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Is wheats limit still 60c? or is back to 30c now?

That realease is very unclear if it was permanent or not, and www.ecbot.com says the daily limit is 30.
 
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