Wheat CBoT possibly getting ready for a long play
Wheat:
After about a month of moving back and forth in a zone that we described as 'the jungle from where we do not see the exit' the price has come out of the woods on the upside. This encourages us to have a look at possible long play. However, before we will feel comfortable to entertain a long trade we first need to be sure that this is not a bull trap. If we are convinced of that we will look for a possible entry point in which our stop-loss level is actually more important than anything else. After all, guarding and preserving the trading capital is more important than making a profit.
After about a month of moving back and forth in a zone that we described as 'the jungle from where we do not see the exit' the price has come out of the woods on the upside. This encourages us to have a look at possible long play. However, before we will feel comfortable to entertain a long trade we first need to be sure that this is not a bull trap. If we are convinced of that we will look for a possible entry point in which our stop-loss level is actually more important than anything else. After all, guarding and preserving the trading capital is more important than making a profit.
Commentaire:
We are putting in a buy at 486. Will post a chart later.
Ordre annulé:
We missed this move. We do not want to jump into a position here and now as we would not know where to put the stop-loss. We let this one go and live to trade another day.
