With the grains in such disarray, there's not a whole lot of immediate prospective trades on my radar right now. I wrote in Friday's blog about possibly going long on the September Canadian Dollar if prices close outside the pennant. Prices closed well within the pennant today so for now there is no trigger for that market.
I've also been looking a October Sugar for a possible trade for quite a while now. Sugar has been in a sideways channel since April of this year. At times prices for October Sugar have looked like they were going to break out to the downside of the channel. More recently, prices looked like they were going to break out of the top of the channel. Certainly the bottom of the channel is providing very strong support and the top of the channel is providing very strong resistance. On Friday, prices were close to breaking out of the top of the channel only to pull back sharply inside the channel today. My own opinion is that this market is in for a big move if it ever breaks out to the upside of the channel, but for now all I can do is keep watching.
To take a look at my prospective trades and completed trades, please go to www.mylearn2trade.com.
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