Didn't expect "Short Term" in the title to be this short. There were Agricultural Reports that came out today that referenced the grains.
Unfortunately for our trade, they came in bullish. You can see on the Daily chart above price started upward, but finally settled down under the 8ema. Technically, since we closed under the 8ema, we should have held the position. But we're also bouncing off the 20sma.
Bottom line is I lost confidence in this trade, and remembering the old adage "I'd rather be out wishing I was in, than in and wishing I was out", I just looked for the exit.
Net:
Entered: 553 1/8
Exit: 554 3/8
Loss: 553 1/8 - 554 3/8 = -1.25 * $10/pt = -$12.50
P.S. At the market close, wheat was looking strong, so I went long. See next post.
No comments:
Post a Comment