This morning 8:11am ET I Tweeted:
"Moved up the Stop Loss on Dec #Corn #Futures to 358 3/4, just under the overnight trading, because we came very near the 50% Fib on very overbought stochastics, and far above the 3ema."
It was hit 9:30am ET at the open. Exited at 358 1/8. The chart above was captured 12:55pm ET. The Tweet and yesterday's blog post explains why.
I expect we'll have some counter-trend downward price action for a few days then resume the trend back up. When a bullish setup appears I intend to re-enter this trade to the long side with the same target. If things look promising enough we'll probably go back to the full futures contract.
Profit 358 1/8 - 350 3/4 = 7.375 * $10/pt = $73.75
Guess we have to count this trade as a win. If we used the full ZC contract, profit would have been 7.375 * $50 = $368.75.
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