Well, my October Sugar trade unfortunately, did not last very long, only one week to be exact.
On Friday, July 27, prices broke below support at 10.00 cents and so I decided to go ahead and liquidate my position since this major support level was broken. I liquidated at a price of 17 points. I had gotten in at 30 points so I had a loss of 13 points which equaled to $145.60. One point in sugar equals $11.20. I was figuring that if October Sugar went below the support at 10.00 cents, then, there was a good possibility that prices would decline further. Plus, this option expires on September 14 so the option could also start to decline in value due to time decay.
I still haven't give up on sugar though. I'm now looking at the March 2008 contract. I'll have more details to follow on what I'm looking for on this contract.
For a look at all of my completed trades, please go to http://www.mylearn2trade.com/.
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