Well the July Corn ascending triangle pattern never got triggered today to the upside and sold off overnight through the lower boundary. So this pattern can't be activated today. We will wait and see if a new potential pattern is created by today's trade. All orders were cancelled.
The July Cotton symmetrical triangle pattern broke out to the downside overnight (so the upside breakout is off the table). I decided to take this trade after all. I got short @ 56.45, with a stop of 57.45 and a profit target of 54.25. The reward is 1091.00 and risk is 509.00 on a one lot. The 20 day EMA @ 56.38 is the main obstacle. It hasn't closed below it since 3/27.
Tuesday, May 26, 2009
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