Above is the Daily chart at 10:46am ET. I was looking for an up move into the 12:00pm Ag reports, but we were just stuck in place waiting for the reports. So after waiting over an hour, I decided to get out because it seemed very likely we would continue to stall until 12pm.
I sent the following Tweet at 10:46
"Bailed on the Mar Wheat Futures trade. We're just gonna stay in this tight range until the report comes out at 12pm ET. Just sold for 764 1/2 for a 4 1/2 point loss."
Since I used the mini-contract, that's 4.5 pts * $10/pt = -$45. Not bad for a high risk trade.
Then at the Close, the Daily chart looked like this:
It looks like maybe we're heading back down, but we didn't form a candlestick sell signal, and Stochastics are in the mid-range. Plus, Corn is neutral and Soybeans are going up!
So, I'm not ready to get back into Wheat again yet.
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