Wheat Marching to a Reversal - Exit

Above is Yesterday's  March Wheat futures Daily chart. Yesterday, 12/22/21 at 8:47am ET, I Tweeted:

"Well, the Mar Wheat Futures setup is finally ready to trade, but the Risk:Reward is bad. So, have to pass :("

Sometimes being diligent will cost you entry to a trade. There's an old saying I like "I'd rather be out wishing I was in, than in and wishing I was out".

If I waited for confirmation and then entered, it probably would have been around 805. If I did, I would have set the Stop to 750, just below the D point at 751. The Target would be 827, which is the 61.8% Fibonacci based on a Gartley pattern with the D point at 751. You can see the targets listed on the chart.

The Risk:Reward would have been:

Risk: Entry - Stop = 805 - 750 = 55

Reward: Target - Entry = 827 - 805 = 22

R:R = 2.5:1 which is the opposite of what you want, and way to bad to trade. In addition, A risk of 55 on a mini-contract of $10/pt would be $550, which is a little too high.

So, unfortunately, I'm sitting this trade out and keeping my capital dry for the next trade.