July Corn Not Quite Cooked - Post Exit Update 2

The July corn short was working so well, with a continuation towards the 50% Fib target, we added another contract. The downward price action continued even further to the point where it seemed very unlikely price would reverse all the way back up to the break even point. So we moved the Stop down to break even. We had $100's of value in our combined position and certainly no reason to capture it prematurely. 

Then at about 12:00pm ET corn reversed its trend and started popping to the upside. Sadly it hit our Stop and we're out flat. The trade was working perfectly and there was no reason to exit the trade before price hit our target at the 50% Fib. 

Well, it would have been worse if we didn't move our Stop down to break even, but its quite frustrating.