I use the pit predominantly, but sometimes use the electronic. I use limit orders.---Pit trading will eventually fade away in the grains as well and it's a good thing.
I think I would be unhappy to put on a position in the after-hours market without having access to the pit. How well are your stops executed in the pit? Are you still in for three contracts? Fortunately, it looks like that harami from Friday didn't pan out to a retracement. There looks to be a few layers of support between 325 and 350. Are you setting any particular targets at this point?
No target just yet. I do still have the 3 contracts on. I will try to ride it a bit more. If it looks like it will reverse, I will take profit .
My stops that I use in grains position trading are rarely hit. Stops are generally best executed in the front month beans and front month corn (most active that is)/ Wheat is a different story -- Not as good, I prefer to stop myself out manually. I am usually averaging either up or down and am somewhat delighted to see prices go against my initial position , so that I can add. I just never get overextended and that is the secret ("edge" as Steve46 was discussing recently) to my success in trading.
I certainly haven't made any correct calls so far in this run. You've shown considerable patience and stuck with a winner -- it's what everyone here aspires to do. Great job. It looks there's still a little room before you hit the 200-week, 100-day, and 200-day MAs in the mid-330s (at least that's what the futuresource charts are showing), you're through the trendline on the weekly chart, and yesterday didn't really close with much strength. Do the fundamentals give you cause to think it will make it through 320-325? On my charts it looks like the next major support comes in around 300.
There is a seasonally weak month coming in April. I am considering covering and reshorting on a bounce. Also the recent moisture was very widespread abd extremely beneficial to wheat coming out of dormancy. There fundamentally should be more downside.
I have just taken an intraday short in May soybeans at 5.78 Stop at 5.84 Looks a tad overdone with the RSI double top just now(12 minute chart). I may be early so only one unit for now.
closed this trade with an MOC (Market on Close) order at 5.74 4 cents profit=$200 Commission=$10.87 Total Profit= $189.13 Still short the May Wheat currently at 3 units.