USDA data yesterday afternoon showed no strong impetus for higher grain prices, leading to profit-taking today. This chart shows corn on the left, and soybeans on the right. I have exited all my long trades for grains. I expect grain prices to remain relatively well-supported, but am open to shorts going forward. Today is an example. Even wheat has reversed and prices are now flat for the day. In a tight trading range environment like this one, swing trading is my specialty. I will take both long and short positions alternately.Generally, I trade only on a short-term basis (day trading). However, over the past few weeks, a very strong bullish trend was under way in the grain markets, so I took some longer-term positions, which I have now liquidated.
I have begun opening additional futures accounts with other brokers. This way, I can trade long-term chart with one broker while trading short-term (day trading) with another. Why would I do this? Because I can take short-term profits within a longer-term trend.
