May Soybean futures broke through a long term trend line and closed below it. That and 9 other indications convinced me to short this contract. All the reasons are listed on the chart and a full explanation is in this 9 minute video:
We're using a Sell Stop Limit to enter. The reason is explained in the video.
Sell Stop = 866 1/2.
Sell Limit = 866.
Stop Loss is 900. I'll be moving that down as soon as possible.
The 827 1/2 target is the 61.8% Fib extension which is coincident with the AB/CD projection.
Risk:Reward = 1:1.15.
The price action on this chart isn't very clean, but it seems like a worthwhile trade. We'll see.
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