Live Cattle Futures—Cattle futures in the December contract is trading higher for the 2nd consecutive session up 120 points at 112.85 as prices have now hit a 5 week high.
I have been recommending a bullish position from around the 111.00 level and if you took that trade continue to place the stop loss under the 10-day low standing at 109.80, however I will be adding more contracts on the close as the risk / reward is in your favor as the risk at this point would be around an additional $1,200 per contract plus slippage and commission.
Cattle prices are trading above their 20 and 100 moving average as this trend continues as prices look to test the contract high which was hit on August 19th at 114.02 in the coming days ahead. If you take a look at the daily chart prices consolidated over the last week couple of weeks while breaking out in today’s session as adding to winning trades and exiting losers quickly is the way to go over the course of time in my opinion so continue to play this to the upside as I see no reason to be short.
CHART STRUCTURE: EXCELLENT
If you are looking to contact Michael Seery (CTA—COMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com
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