I had confirmation this morning I made a good decision to go long March Wheat yesterday. I was busy with other trading and other things today, confident my ZW futures were doing well.
The grains market closes 14:20 ET. 14:15 I looked in on it. Aaaahhh!!! Slapped in the face with a bucket of ice cold Gatorade like Andy Reid at the Super Bowl last Sunday (I know, it wasn't in the face).
My 2nd thought was "I better get down to business, I don't have much time here". Less than 5 minutes to figure out what happened, what to do, and do it without screwing up from all the adrenaline.
Please see this 12 minute video for what happened and how I handled it in a way of which I can be proud. Although I may find reasons not to be so proud if things go against me tomorrow.
https://youtu.be/qo5NFjHqMVM
Oh, a few things I forgot in the video:
You'll see a thin, downward slanted, white line in the stochastics window on the bottom of the chart. The prices on the chart during that same time, Jun 15st - Jun 22nd, are going up. This is called a Negative Stochastics Divergence. You'll see the NSD in my on chart notes. This is a bearish indication.
Also, the pattern in purple is a Head and Shoulders pattern. The lower vertical purple line is a measured move projection of where prices are likely to go if the neckline is broken. The neckline was broken with closed candles below the neckline 1/31/20 - 2/4/20. This projection ends right near the level of the other 3 target indicators.
The thick white curvy line on the bottom of the chart is the 200 daily sma. It looks like it is headed right for the target zone, which is a 5th indication of a good target area.
Oh, a few things I forgot in the video:
You'll see a thin, downward slanted, white line in the stochastics window on the bottom of the chart. The prices on the chart during that same time, Jun 15st - Jun 22nd, are going up. This is called a Negative Stochastics Divergence. You'll see the NSD in my on chart notes. This is a bearish indication.
Also, the pattern in purple is a Head and Shoulders pattern. The lower vertical purple line is a measured move projection of where prices are likely to go if the neckline is broken. The neckline was broken with closed candles below the neckline 1/31/20 - 2/4/20. This projection ends right near the level of the other 3 target indicators.
The thick white curvy line on the bottom of the chart is the 200 daily sma. It looks like it is headed right for the target zone, which is a 5th indication of a good target area.
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