Corn Cup Forming - Exit

The top chart is the Daily and the bottom chart is the 3 minute.

On the Larry Pesavento internet show on TFNN this morning Norm Winski warned of a significant reversal in grains tomorrow after the close. You can see it for yourself by going to minute 41 at:

https://www.youtube.com/watch?v=HHH4i_IIvR8

This hyper-sensitized my caution with this Corn trade. So, at 2:00pm ET I went to the 3 minute chart and started trailing a Stop, with the intention to exit before the close at 2:20pm one way or the other.

I ratcheted up the Stop through a few levels but none were hit and there was less than a minute left before the close. At 14:19:51 I hit the Bid and sold out at 456 5/8. You can see the original Target on both charts at 468 1/2 just under the 27.2% Fib extension. We may well still hit that, maybe as soon as tomorrow before the close, but that seemed a little too perfect to base a trade management decision on. If we do hit the original target it may not be for several days or weeks, or even longer. And who knows how big the draw down would be.

We could have waited to see how trading went tonight and tomorrow morning since Mr. Winski's reversal time was after the close tomorrow, but we only have 1 mini-contract on, so we can't scale out. Plus the potential down turn could begin early. Wanted to manage the exit while I could, not find an unwelcome surprise when I woke up.

So, in summary:

Entry: 427 1/2 on 12/16/20

Exit: 456 5/8 on 12/28/20

456 1/8 - 427 1/2 = 29.125 * $10/pt = $291.25 call it a win.

If it was the full size ZC contract the profit would have been 29.125 * $50/pt = $1,456.25