This morning 7:26am ET I Tweeted that I exited the trade at 810 1/8 based on an Inverted Scoop pattern on the 5 minute chart. See the top chart above. As you know from the other posts in this thread, I was looking to get out today by the Close due to a wheat related report that was scheduled for release after the grains market closed.
In the morning, price was heading down and looking serious about it. I was watching the paper profits dwindling away, not knowing or having any indication whether we would continue down all day. So I went down to the 5 minute chart and watched for a pattern or some indication about where the market was headed for the rest of the day.
Then I saw an Inverted Scoop pattern develop and trigger to the down side. See the red oval on the top chart above. So, the most reasonable thing to do was exit before more damage was done.
Of course, after the 9:30am ET Open, price started back up and hit a high of 826 3/4, which is about 5 points away from our Target of 832. See the bottom Daily chart above. That Target may well be hit the first day of trading next week. I thought about chasing wheat back up today, but that could have turned out badly and erased the profit we already realized. I decided to go trade other things.
All in all, can't complain about this trade. Price behaved exactly as anticipated overall and we made a good profit. Of course, I wish price had moved a little faster and there was no Ag report today. But a perfect trade is rare.
Summary:
Entry: 780 5/8, 11/9/21
Exit: 810 1/8, 11/12/21
Profit: 810 1/8 - 780 5/8 = 29.5 points * $10/pt = $295.
If we used the full size contract, profit would have been 29.5 * $50/pt = $1,475.
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