Well, that didn't turn out very well. On a technical basis everything was working and we came close to our target, but yesterday a surprising USDA crop report came out with a much bigger than expected corn yield ("USDA Forecasts Third Largest Corn Crop on Record" http://www.nass.usda.gov/Newsroom/2015/08_12_2015.asp) and futures tumbled.
As we know, not all trades are winners. You might conclude we should have closed the position ahead of the report, or count it in the group of losing trades and just move on to the next one.
The options are pretty much worthless now, so I'll look to sell them on a 50% Fib retracement of the recent down move.
No comments:
Post a Comment