Market Curiosity: Exploring Markets And Systems

June 19, 2011

December wheat – buy since oversold near previous support. (update 4, June 22) -46%

Filed under: -25 to -49%, Futures Trades — Tags: — Jeff Fitzmyers @ 11:36 pm

Buy stop near 760.5
Stop loss near 741.

+ NR7 doji.
+ 7 down days in a row.
+ Daily and weekly RSI are low.
+ Price oversold near previous support.
Seasonals Major cycles are mostly pointing down.
+ The doji is almost completely outside the shorter term Bollinger Bands.
+ Commercials are net long and buying.
+ An AB*1.62 mark was hit.

June 19: Opps.. Correction, the 10,20,30, and 40 cycles are rather negative, but the MRCI seasonals are right at a turing point.

June 20: Moving buy stop down to 756, today’s high.

June 21: Long in overnight trade at 756.5. Margin is $4,050.

June 22: I don’t know why, but the stop did not trigger in overnight session. So let’s see if it triggers in the day session 🙂 Price was weak yesterday and made new lows overnight so I expect this trade won’t end up making money.

Opened gap down and so I put the stop under that low. It was taken out -46%.

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