All of the markets in the soybean complex seemed to be charging upwards while the rest of the grains seem to be meandering. This seems to be in line with the fundamental news of the shortage of soybean planting this season as so much acreage has been converted to corn planting. Anyway, on the technical front, there was a trade shaping up in September Soybean Oil using the High Lo Breakout strategy. On July 10, Bean Oil closed at 38.09 which was above it's previous high of 38.08 Trend Seeker said the trend was Up and so now I had signals to enter this market. On July 12, I put in an open order to buy 1 contract at 38.10 or lower and I set my initial stop at 37.77. I was filled that day at 38.08. Prices closed on Friday, July 13 at 38.30 which gave me a profit at that point of $132.00
However, my joy at finally having some profit did not last long. Prices gapped way down at the start of trading on Monday, July 16 and so I was stopped out at 37.65 which gave me a loss of $258.00. I was glad though I got out at 37.65 because prices continued to fall the rest of the day, down as low as 37.36 at one point. Today, July 17, prices have continued to fall, at one time as low as 36.91 before closing at 37.23. What a nerve-wracking ride!!!
For a look at all of my completed and prospective trades, please go to www.mylearn2trade.com.
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