Dec Soybean Meal futures bounced off the 50sma, 34ema, 20sma, TL's, and 50% Fib of the yellow range and it bounced with a gap up after a Doji candle yesterday. Stochastics not yet overbought. This is such a bullish setup that I got in early. Early meaning before we closed over the 8ema and above the previous swing high at 305.80.
Targeting the 61.8% Fibonacci Extension of Yellow Range, which is just over the AB/CD projection. If we look overbought on the Stochastics when we reach the 27.2% Fib Extension I may exit at that earlier target expecting a retracement from there, and maybe get back in later to hit the 61.8% Fib target.
Placed the stop just below the swing low.
Summary:
Entry 301.00 at 8:42am ET.
Target 317.50
Stop 295
Risk 301 - 295 = 6 * $100/pt = $600.
Reward 317.50 - 301 = 16.50 * $100/pt = $1,650.
R:R 2.75:1
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