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Grain Futures--- The grain market was mixed this afternoon in Chicago with July soybeans down $.06 at 14.92 still consolidating the recent run-up in prices while the November contract which is considered the new crop which will be harvested this fall was basically unchanged at 12.89 rallying from session lows as more rain is entering the Midwest once again.
What type of trading indicators do you Use? There are dozens of trading indicators which include short term and long term scenarios and too many to mention in this article but there have been some basic indicators that are been around for many years such as the basic moving average, stochastic , RSI, and Bollinger bands which have become more popular in recent years.
WHEN DO YOU EXIT A TRADE ?-- The biggest question that I have been asked is when do I exit a winning trade and when do I exit a losing trade? In my opinion the rule of thumb that I use is placing my stop loss at the 10 day high if I am short or a 10 day low if I am long. The other rule of thumb is to place your stop loss at the 2% maximum loss allowed in your account for any given trade.
When Do You Enter A Trade? What are your rules to initiate a trade on the long or short side of the commodity market? I have been asked this question many times throughout my career and my opinion is simply to buy on a 20-25 day high breakout in price on a closing basis only or sell on a 20-25 day low breakout to the downside also on a closing basis.
5 Year Notes—The Five-year notes are continuing their bearish trend selling off again for the 3rd straight session today closing down 2 ticks at 123.04 rallying sharply off session lows as a short term bottom might be in place.
Double Bottom & Double Tops---This indicator is one of my favorite patterns that signals a trend reversal because its considered to be one of the most reliable and is commonly used by many technicians. These patterns are formed after a sustained trend and signal to chartists that the trend is about to reverse. The pattern is created when a price movement tests support or resistance levels twice and is unable to break through.
Livestock Futures--- Cattle futures in Chicago were higher with live cattle for the August contract up 100 points currently trading at 120.40 a pound right near 2 week high with major resistance at 124.20 and it looks like to me that a possible double bottom may have been formed in the live cattle futures market.
Grain Futures--- The grain futures saw volatile trading action today after the release of the planting progress report yesterday afternoon which basically stated exactly what traders expected at this point so the report will have very little impact going forward with soybeans for the July contract were down $.06 at 15.02 still near the upper end of the trading range all because of the fact of a very low carryover or supply situation as farme
Precious Metals—The precious metals in New York rallied today with gold up $12 an ounce at 1,392 in the August contract as the U.S dollar was down 40 points pushing the precious metals higher this afternoon, however in my opinion as I’ve stated in previous blogs I still believe that gold is headed lower with volatility starting to slow down a little bit but when volatility was high I was recommending selling puts and calls far out of the monSearch
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