The September Canadian Dollar, which was one of the prospective trades on my radar screen, gapped up and closed well outside the pennant formation that prices have been in the past several weeks. It was a huge move with prices closing up 95 points today which equals a $950 move. However, because of the huge gap up, I'm not going to chase this market and I'll wait and see if this market can come back down and fill the gap.
Another trade which I have put on my radar screen is November 2007 Soybeans. After making a contract high in early June, prices have pulled back under the support level at 845 cents. Trend Seeker says the trend is Neutral, but if Trend Seeker switches to an Up trend and if there is a close in the range of 845 to 850, then I will go long on one contract. There is the potential for a good move here as the upside target is the contract high of 893 made on June 18.
October Sugar closed today at 9.61 cents. I still need a close above the top of the channel at 9.83 cents before going long on a contract.
For a look at all of my prospective trades, please go to www.mylearn2trade.com.
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