Above is a zoomed in view of the daily July Corn chart. We closed with a Doji, just below the 8ema but above the Flag pattern Trend Line. We are in a somewhat neutral situation and therefore still in need of protection.
We had sold off the hedge this morning when Corn was looking strong and appearing to break out of the Flag pattern, again. If we get follow through to the upside and a higher high than the previous swing high at 717 1/2, then this is a very Bullish pattern. But at the moment, there isn't a clear direction.
So, we bought back the July Wheat 660 Put hedge for 13 points.
For more details on this, please see today's post on the parallel Wheat trade:
https://jmstweets.blogspot.com/2021/06/wheat-might-make-some-bread-update-11.html
A good lesson here is the importance of waiting until a candle closes to have a valid interpretation of its signal. This is true on any time-frame. However, there are situations where you already have a strong indication from the previous candle, and you'll need to make a trading decision based on how the next candle begins.
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