No reason a buy limit @ 66.525 should have been rejected. If it's in your trade log, keep a copy & ask broker why it was rejected. Why close the Dec. long so quickly? If price gaps up tomorrow, you have a larger loss with no hedge. If price gaps down tomorrow, Oct. likely to fall more than Dec.
Why are you panicking because it's at the 3-point limit? Did you not use stops? If you did, then when market opens tomorrow your stop will work as usual.
re: fundamental news hogs china https://www.wsj.com/articles/ravenous-china-could-spice-up-u-s-meat-stocks-11567156656 plummeting hog population is a tailwind for U.S. meat producer Tyson Foods, despite the trade war A pork stall in Beijing. PHOTO: WU HONG/SHUTTERSTOCK By Nathaniel Taplin Updated Aug. 30, 2019 5:20 am ET The U.S. and China are in the midst of a trade war, and American meat products like pork are squarely in the crosshairs. Ultimately, though, that might matter less than the carnage in China’s own hog population following an outbreak of African swine fever. U.S. meat heavyweight Tyson Foods stands to benefit. While investors have been unwaveringly focused on rising trade tensions, many have yet to grasp the scale of the pig apocalypse across the Pacific and its implications for global markets. By July, the number of hogs in China—by far the world’s largest pork consumer—was close to a third lower than a year earlier, according to official statistics. And the situation may be even worse than headline figures imply: A June report from Reuters suggested that as many as half of China’s breeding pigs may have died or been slaughtered. Pigs, OutHog population and pork prices in China,change from a year earlierSource: CEIC %Pig populationConsumer price index: pork2010’12’14’16’18-50-250255075 Meaty-Go-RoundEven if China doesn't want U.S. meat, its risingdemand means the world needs U.S. productSource: CEIC .billionChinese meat and offal importsU.S. meat and poultry exports2014’15’16’17’18’190.250.500.751.001.251.501.75$2.00 As a result, wholesale pork prices are skyrocketing—up roughly 60% on the year. The pork shortage is in turn pushing up prices of other animal proteins like beef, eggs and lamb. For much of 2019, U.S. pork has faced Chinese tariffs upward of 50%. But the value of U.S. meat exports in aggregate was still up 8.3% on the year in June, the fastest growth since May 2018. The reason: The enormous pork shortage is sucking meat into China at an astonishing rate. Total meat imports in July were $1.7 billion, up close to 90% from the year before. Most of this is coming from places other than the U.S. But the sheer scale of China’s jump in demand is pushing up overall U.S. meat exports, too, as non-U.S. producers redirect cargoes to China to take advantage of the price increase. Chinese pork stocks have benefited: Shares of Muyuan Foods , China’s second largest hog producer, are up close to 40% since June. Other pork shares like Wens Foodstuff have also skyrocketed since early 2019. Global meat stocks like Tyson Foods and JBS have also been lifted by the epidemic but don’t look too pricey. U.S.-listed Tyson now fetches 13 times estimated earnings for the next 12 months, according to FactSet, compared with a five-year average of roughly 12 times. Even with Sino-U.S. trade tensions rising, the stock probably has further to run—especially if the Federal Reserve moves ahead with further rate cuts. China is the world’s largest food consumer and needs foreign meat more than ever. The U.S., meanwhile, is a key global supplier no matter how you slice it. That is likely to trump trade tensions for Tyson in the second half of 2019. Heard on the Street's Summertime Stock Picks Leaderboard
i was long all morning and made $. Then later on I scalped short and made money. Then the last short I made it went limit up! I panicked. That's why I posted this thread. Then I tried to hedge and ended up losing on the hedge. Had I just stayed calm and put in a limit order slightly below I would have gotten filled and be fine and up nicely for the day instead of being down. But now I'm stuck. Who knows what will happen tomorrow...
You're not stuck, per se. It's just like any other market close. Livestock just has an unusually LONG close period when compared to the more commonly-traded instruments, heh. You failed to mention if you had any stops in place, but maybe feel better in the knowledge that the limit moves in HE tomorrow will be 4.5 points up or down from today's settle. At least, that is how it works in cows. So you will have more breathing room to work your trade? And sometimes these limit moves resolve overnight, and the move reverses at the open.
I hope it goes down decent amount at the open so I can cover at a profit. hehe. https://www.elitetrader.com/et/threads/the-road-to-consistency.335578/page-2
Why do you say that? IB kept rejecting my buy to cover orders and the trading desk said they can't get me out. They said there's nothing they can do.
Someone claimed a few days ago that most of the people on this website are highschool dropouts. I was laughing but now I start to wonder what I am doing here.
I have a BS and Masters for top tier schools. I only started trading and scalping it. Never thought about limit up moves. I'm used to NQ having lots of liquidity and ease of moving in and out. I guess since I'm new to HE I should have not been as aggressive. Or get more informed.
So with a wider band, I can get out at whatever price I can get... Take the hit. =========================================== "CME October lean hog futures settled up the daily 3-cent limit at 66.525 cents per pound. Daily limits for Wednesday will expand to 4.5 cents per pound, the CME Group said." https://business.financialpost.com/...hog-futures-jump-as-chinese-pork-prices-climb