Shorted Dec Corn

Daily

Weekly

Dec Corn setup a short trade. Entered using the YC contract, to control risk, at the close at 401. Here's what I saw on today's Daily chart:

• Shooting star candle pattern.
• High stochastics.
• High volume.
• Doji gap down candle pattern.
• Close under 8ema.
• Close near bottom of candle.
• Bounce off weekly contract high (see Weekly chart above). 

Target is 61.8% Fibonacci retracement of the green range, which coincides with the 38.2% Fib retracement of the yellow range, which is 384. Actual target is set to 384 1/4 to account for Bid/Ask spread and slippage.

Stop is 415 1/2 which is just over today's high.

Risk: 401 - 415 1/2 = -14 1/2 * $10/pt = -$145.00

Reward: 401 - 384 1/4 = 16 3/4 * $10/pt = $167.50

R:R 167.50/145 = 1:1.16 not very good but acceptable given a high probability setup.