Another good day for our long position. In fact, today's high was 824 3/4, which is getting close to our target of 832.
At 10:03am ET this morning, I Tweeted that we moved our Stop to break even at 782. We're at a point now, that if we fall that far, something is curiously wrong, and we'll probably want to be out of this trade.
Today's high was stretched out pretty far from the 8ema, and even from the 3ema. That, plus possible resistance from the 127.2% Fibonacci extension of the yellow range, made the pull back to about the halfway point of today's candle, unsurprising.
We got a nice volume spike today after yesterday's increase in volume, which may indicate Dec Wheat is getting increasing attention. If the attention is coming predominantly from Bulls, then that's a good thing. The fact we closed in the middle of today's candle tells us the Bears aren't yet dominating, and this uptrend is most likely not yet over.
As I mentioned in yesterday's post, I want to be out of this trade before the close tomorrow at 14:20. So, I entered a conditional order to sell our position at 14:14:14 tomorrow, Friday (just having some fun with the time). It would be preferable if we exit due to hitting our target rather than timing out. If we get another green candle of today's size, or yesterday's size, or even Tuesday's size, we'll hit our target. That's the goal.
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