The chart above is an hourly chart after the corn market closed. You can see our 560 target was hit and the Inverted Head & Shoulders measured move was fulfilled with shockingly accurate precision. However, there was a rejection of a 200sma on the 4 hour chart. It looked like this rejection may well be the top of this price move for the rest of the week, so I got out a little earlier than than the planned target at 560.
At 9:39am ET I sent the following Tweet and 1 hour chart:
"December hourly Corn Futures hit 1st target. Moved balance of position to breakeven at 540. Next target 560."
At 10:59am ET I sent the following Tweet and 4 hour chart:
"December hourly Corn Futures exited a little early at 556 1/2 vs 560 because I looked at 4 hr chart and saw the 200sma was sitting just below the target, and price rejected off it. Nice profit from this trade."
I was not expecting to hit our targets today, but I'm very happy we did. There's a good chance price will continue upward to fill the gap, but we may take a bit of a dip first. Notice how overbought the Stochastics are. So, I want to take a break here and see how the chart behaves from here.
Summary:
1 YC Dec Fut 547 - 537 1/2 = 9.5 * $10/pt = +$95
1 YC Dec Fut 556 1/2 - 539 1/4 = 17.25 * $10/pt = +$172.50
Profit $95 + 172.50 = $267.50
If we used the full ZC contract at $50/pt, the profit would have been $1,337.50
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