Long C H1 as it is both bullish in FA & TA
Corn continues to trade along the lower end of the trend channel. Both daily and weeklies are still on the uptrend but watch carefully as some of the momentum indicators continue to flatten.
On the fundamental side, erratic weather patterns in South America and continuous large demand from the Chinese continue the bullish case for the corn and the grains complex. My initial TP on the trade is around 4.50 for starters, entry is 4.25, and stop loss level is set at 4.20. Thinking of an R-Multiple of 5. Though as soon as the trade goes my way, will lift my stops to breakeven.
On the fundamental side, erratic weather patterns in South America and continuous large demand from the Chinese continue the bullish case for the corn and the grains complex. My initial TP on the trade is around 4.50 for starters, entry is 4.25, and stop loss level is set at 4.20. Thinking of an R-Multiple of 5. Though as soon as the trade goes my way, will lift my stops to breakeven.
Kommentera:
Cut loss @ 4.20 last Friday. Stop price was hit. Perhaps a less volatile instrument is in order for now. Perhaps 4.50c March Options for a bullish play?. If I'd re-enter the contract, will reduce the size to ride the volatility furher.