Look at my earlier post about the grain markets today. I put a suggestion in there to look for a halfway back bounce for a day- trade. At the time, the markets had had there morning sell-off from the 3-month highs in the dollar index.
At the time, the low in SF was 1010. The high was on the opening at 1026. We posted a new low at 1009 then proceeded to rally half way back to our current level at 1017. Even at 1017, SF is still 7 cents lower on the day, as the old support level of 1020-1021 now is shaping up to be resistance.
WH had a nice bounce back, actually rallying to a new high at 525 to not only come half-way back, but extend to its current level up 7 cents.
CH had a high at 400 and a low at 391. We also had a 1/2 way back rally here as well, with CH currently at 397 3/4, up 3/4 of a cent on the day.
Hope you took the trade and were disciplined with your execution. There is absolutely no reason why we can’t re-test the earlier lows, so don’t fall into the trap of trying to ride your longs through the end of the day.
If you have a profit, put in a stop to guarantee it, and make it an OCO MOC, so you get out at the end of the day flat. If we have a further run up, great. But don’t let your winner disappear by not having a trailing stop sale.
Good Trading
