Dec Soy Meal struggled at the 200sma since the 9:30am ET open. I was very tempted to exit the trade. The last 2 times we tangled with the 200sma, around Aug 18th and July 6th, price rejected off it significantly. So of course I suffered all day from the yet unrealized regret of leaving the trade on, only to find a huge down draft overnight tonight. But I stayed strong and held on for the expected greater target.
However, it looks like Stochastics will probably be overbought by the time we hit the 27.2% Fib extension of the yellow range. So I'll probably lower the target to that level from the 61.8% level, then look for a pull back to get back in.
No comments:
Post a Comment