Youngtrader's Commodity Journal

Just checked the trusty old charts on futuresource (best charts around imho). I assume your talking about cbot wheat right?

From what I can see the only decent support that you could lean on is 10 a bushel in may (nice round number too so it could provide to be some decent support). We do have a gap at 10.66 which I think the market will key at in the short term so that might be something you could play off of. Not really any major resistance to play off of that I can see.

In july same thing with the gap fill at 987. 950 would be were the trend line is so that is your upcoming support. A break through 950 and we are going to 9 and a break through 9 and we are headed to 850.

Sorry I know its not that good of a chart anaylisis but this thing has been so wild lately I don't know what to think about wheat.

Good Luck Man
 
nice trade youngtrader.

Are you holding the RB/HO spread at the moment (short HO, long rb)? It's been moving farther and farther apart for some reason, I'm wondering if there's a good entry point there coming up.
 
Quote from Blubaru_555:

nice trade youngtrader.

Are you holding the RB/HO spread at the moment (short HO, long rb)? It's been moving farther and farther apart for some reason, I'm wondering if there's a good entry point there coming up.
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Im not holding it personally at this time but my dad might still have em on.

I will ask him when I get a chance.
 
Thanks Pabst!

Sorry for not posting my corn trades tonight everyone, I forgot. I will make sure to start posting them again tomorrow night. All in all it wasn't a bad night but I could of done better with the corn.

I have a question for you readers out there. I asked this question in the career trader thread but it didn't get much response. I will repost it here on my journal and any input you guys can give me is much appreciated.

Thanks
 
Ok guys help me out here

Im going to be a senior in high school next year and that means that this summer I will already be applying for admission into college. But I am in kind of a rut. One side of me wants to attend college in Minneapolis or somewhere very close to Minneapolis while the other wants to attend college in Chicago.

I am planning on working as a clerk in the Spring Wheat pit at the MGEX this summer to get some extra experience and knowledge from some of the top traders there. I figure this would be an excellent way to get my foot in the door and try to work my way up the ladder. My family owns seats on the MGEX so eventually becoming a local in the pit and then moving to the screen when/if it becomes all electronic is kind of the goal with this plan. If I chose this path I would certainly have to attend college in Minneapolis and would be working down in the pit during the day and then taking afternoon/evening classes at college. The problem is there really isn't very many colleges to choose from in Minneapolis other than U of M. Also the night life doesn't really sound all that great either. Thats an important feature too because the next best thing to trading is partying!!!

The other option is to go to college in Chicago. I would still be working in the futures industry during the day and taking classes in the afternoon/evening but I wouldn't get much of a chance in the pits and would probably end up at a prop firm or something along those lines. The positives of this path are that there are many good colleges to choose from (im thinking about loyola, depaul and north park). Also the night life is good and there are plenty of opportunities to land a job in the futures business in Chicago. The downside is that I won't have the "ins" in Chicago like I do in Minneapolis and it just seems like it will be harder to get my foot in the door at the CBOT and CME compared to the MGEX.

I am going to have to make up my mind pretty quick but I thought I would ask for some advice from some et members.

Thanks Guys

YT
 
Quote from Pa(b)st Prime:

Take it from a Chicagoan......

Go to the Twin Cities.
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LOL pabst thanks for the reply but can I ask why you say this? The Twin Cities imo seem a bit dull and not much really goes on. Now Chicago on the other hand I think would be the total opposite but I only get down there to vist about once or twice a year so maybe im mistaken.


By the way total profit this year is $11,602. Account value is now $36,602. Damn I got a long way to go if I want to get this baby up to 100k!!!
 
Nice ES trade man. If I had to choose, I'd go with Chicago. Main reason is because of the better schools and also because its a nice city where you can enjoy your college years. Plus you can always trade from you dorm room. I personally don't see much benefit in going to the pits as you already know how to trade and everything is practically electronic now or will be eventually. Good luck.

YoungOne
 
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