Looking at the bottom wick of today's candle, you can see we were taking a little heat. For a time, price was below the 8ema and on its way into the gap from 8/24/20. But around 13:30 ET price made a low and started back up. Then at 14:10 it made a nice upward move.
We closed above the 8ema and the 3ema, and above the old Head & Shoulders neckline. So even though I was prepared for a bit to exit this trade, I had to leave it on since there was no real signal we had a change in trend.
Plus, in sympathy, Dec Soybean Futures are looking quite strong. Actually we have a long position in Dec beans. We entered the same time as the meal trade but the setups were so similar I decided to just blog about the meal trade. Here's the Dec Soybeans Futures chart:
No comments:
Post a Comment