Now I'm sure glad that I got out of my corn trade yesterday even if I was stopped out with a $200 loss. (Please see yesterday's blog for details of that trade.) Today, all of the grains, including corn, were down sharply. September Corn was down 18 cents today, September Soybeans were down 21.4 cents, and December Oats were down 5 cents.
So, with the grains dropping so sharply, the grains are now off my radar for immediate prospective trades. I will keep watching them of course.
Right now I have no other trades immediately ready to enter into. The September Canadian Dollar is one of the few possibilities for a trade setting up. If the September Canadian Dollar can close above its pennant formation, then I'll have a trigger to go long. Trend Seeker says the that September Canadian Dollar is in an uptrend.
October Sugar is another trade possibly setting up. October Sugar has been in a long sideways channel since early April. Trend Seeker says the trend for October Sugar is up and a close above the top of the channel will trigger a trade to go long.
So, that's really it for prospective trades. For now, I'm just going to have to keep watching the markets and waiting for opportunities.
Be sure to check on all my trades at www.mylearn2trade.com.
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