We got a gap fill exactly as I've been talking about. In fact it was even better than I planned for because it filled the whole gap. I entered the limit order 2 points shy of the full gap because gaps sometimes "mostly" fill rather than completely fill.
I sent these Tweets this morning as it was happening.
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| 9:52am ET |
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| 9:59am |
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| 10:10am |
By the end of the day, the 5 minute chart looked like this:
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| July Corn 5 min |
Notice how we hugged the bottom of the gap all day once we reached it, even though the world was selling off around us today. Also notice the big bullish volume bar at the very end of the day and we closed above the 8ema, 20sma, and 50sma. There is also a possible Bollinger Band/Keltner Channel breakout pending. These suggest we'll drift upward from here. And like Louise Yamada says "The longer the base, the higher in space".
So, bottom line, we're back in this long trade:
Entered: 785
Stop: 768
Target: 860
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