My new long corn position today was also confirmed. After yesterday's limit up, I knew it was time to look to position myself for a new uptrend in corn. When prices dipped early in the day, I took a long position as soon as it was clear that the low had been reached. The left chart shows this turning point about 10:45 am MST. Prices then closed higher for the day, providing an excellent position to be long if the price of corn moves higher throughout the fall and winter. The daily chart on the right shows this new emerging uptrend on the daily chart. As this trade progresses, I may reinforce it with add-ons later.Thursday, August 14, 2008
Corn - Uptrend Confirmed
My new long corn position today was also confirmed. After yesterday's limit up, I knew it was time to look to position myself for a new uptrend in corn. When prices dipped early in the day, I took a long position as soon as it was clear that the low had been reached. The left chart shows this turning point about 10:45 am MST. Prices then closed higher for the day, providing an excellent position to be long if the price of corn moves higher throughout the fall and winter. The daily chart on the right shows this new emerging uptrend on the daily chart. As this trade progresses, I may reinforce it with add-ons later.
