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| July Corn Daily |
I don't believe this red candle represents a change in trend, however I sold our long position anyway. Why?Because it might be and today is Friday, which means 2 days of uncontrolled price action.
We didn't get a candlestick sell signal but we did get a lower high and a lower low, and a close below the 8ema (orange line). I really didn't like selling but a strategic retreat made more sense than taking an unhedged risk over the weekend in a crazy financial environment.
So, this is a risk management move more than an exit from the trade. That's why the title of this post says "Update" rather than "Exit". I intend to see how we open on Sunday night and maybe into Monday. If conditions warrant, I'll get back in long.
The loss from today's sale is:
781 - 794 1/2 = -13.5 * $10/pt = -$135.
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