Support and Resistance Trading Forum

Jeff - Beans and Wheat! *PIC*
By:Joe
Date: 2/9/2006, 1:58 pm

Hey, Jeff

Congratulations on that Bean trade - nicely done. I also had an exciting morning of it, so I'll swap trading stories with you. I have only been in one market (WHEAT) the last couple of days, waiting for a few other markets to come around to my way of thinking. So I thought, what the heck! Might as well add another contract in a market that is moving in my favor. Erich's daily update on Wheat partially reinforced my thinking. I saw March Wheat hit a breakout high of 361-3/4, and then fall off - but it did not return to the 356 lows of the day. When it started back up, I asked my broker to buy one at 358-3/4 or better, and was filled at 358-1/2. I decided to risk a couple of hundred on the chance that it would not break the daily low, so I set my initial stop just below it, at 354-1/2. What I really wanted in wheat was an additional contract that I could let ride, after I took profits on the first contract. You know what? This time it really worked out like that, bless that thundering herd that keeps piling into grains.

Anyway, the attached chart tells the rest of the story. I am still kicking around a few trades, but have not committed as yet. Time will tell.

Good $$$$ to you,

Joe

Responses To This Message

Re: Jeff - Beans and Wheat!
Jeff Koski -- 2/9/2006, 7:59 pm
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