Our Corn orders were executed the next day after the udate 1 and the price development went the first week more or less as expected. We closed the first unit at 369.25 and kept the second unit open. As we did not reach our first profit target at 385.00 we kept our Stop loss at the initial level. The next week the prices dropped and we were almost closed however the position survived and found new buying power. We had a 3 week time stop and yesterday we closed the last position at 370.25. Overall result from the two trades (Wheat and Corn) is close to zero, so at least managed to preserve our capital.
Summary:
Funamental Story: Commodity Index rebalancing in mid January
Technical view: Inverse Head and Shoulders in Corn and Doubtle Bottom in Wheat
ENTRY and EXIT:
The Wheat long was initiated by a buy limit and was stoped out quickly after January Wasde report.
Corn buy Stop Limit entries were executed only a week later, both Corn units were closed on time stop after 1 week and 3 weeks.
END NOTE: in both Grains the oversupplied market didn't rally as we expected and it went rather side ways. Therefore its time to look for new opportunities...
Remember to watch your risk and be consistent
Mr. Tech Man
DISCLAIMER: This material was created for informational purposes only and represents the Land of Trading team’s view of the past and current economic and capital market environment. It is not an investment advice and should not be viewed that way at all, and the creators of this material cannot be held liable for any potential losses resulting from trading, where despite this disclaimer someone would consider this material as an investment advice. All rights reserved ©2017.
Contact: landoftradingATgmailDOTcom, Blog: landoftrading.blogspot.com
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