Grains Journal

Still holding the May Wheat short at an average price of 381.33. (3 units). Anybody have an opinion as to whether the gap yesterday is a breakaway gap or will it be closed? Unrealized gain here of roughly 45 cents.

 

Buysell,

I am worried about a close in the gap therefore I closed my short position in wheat at a 20 point profit. The bearish divergence is still there. I will once gain get short with any retracement.

 

Perhaps a good idea. I'll let mine run a bit and see if we have some downside legs. Thanks for the viewpoint.

 

Buysell,

Thanks for pointing out the excellent opportunity to short wheat.

Regards
Steve

 

No problem. I did advocate it a little early. I hope it has worked out to your satisfaction.

 

sitting here on a little over 80 cents profit. I may look here at initiating a trailing stop.

 

I did misspeak here. I have less than this in total profit due to the 18 cents loss from the initial March Wheat short position.

 

It looks like a pretty strong reversal on the weekly chart, but it could head back up to 365-370 before it goes lower.

 

could be. Grains do have a tendency to double and triple top. However--not always. What are you doing now

 

I don't have a position on; I'm just enjoying your journal. Do you execute your trades in the day market or after hours on eCBOT? I'm still waiting for IB to get its CBOT pit access up and running.


Regards,