Grains market opened 8:00pm ET tonight. May Soy Meal opens nicely gapped down. Stochastics still have a long way to go to be oversold. Its not even to the center of the graph yet. So I'm thinking we can probably hit the 2nd target at the 61.8% Fib.
Then DING! Soy Meal hits the 50% Fib target 8:07pm ET. Profit 308.30-301.00=7.30*$100/pt=$730 per contract.
Nice win! But of course, I'm looking at the 61.8% Fib at 298.40 and the generous stochastics runway, and thinking I left about $300 on the table. People are never satisfied for long :)
It would probably be reasonable to get back in immediately but I'm going to avoid being a pig and chasing. Also, there's a 20 sma between the 50% Fib and 61.8% Fib that could provide support. Instead, I'll watch a lower time frame, like maybe the hourly, and look for a technical reason to get back in.
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