Corn Update

The symmetrical triangle pattern hit our initial stop today @ 435.75 after being triggered @ 447.75. This pattern failed confirmation and got stopped out in the same day for a loss of 600.00 on a one lot. July Corn came within one tick of the 450.00 level, which proved to offer stiff resistance and immediately sold off.

Corn

The symmetrical triangle pattern for July Corn was triggered today- I'm Long from 447.75. We need a close above here to confirm this pattern. If not exit on the close. The target is 466.50 with a stop loss @ 435.75. The reward/risk ratio is 1.62. The main obstacle to this trade is the 450.00 area (previous swing high).

Potential Trade Patterns (Samurai)

The symmetrical triangle pattern to the downside in July Corn never triggered, but there's still a potential breakout to either side. An upside breakout looks possible and I'd look to get long @ 447.50.

The double top in Aug Cocoa never hit its trigger and made new highs today. No trade idea currently.

Potential Trade Patterns (Samurai)

There's a potential double top pattern forming in the Sep Cocoa. A close below 2663 tomorrow would activate this pattern. Look to get short @ 2662 and exit on close if market is not below.

There's a potential symmetrical triangle pattern forming in July Corn. A close below 433.75 tomorrow would confirm this pattern. Look to get short @ 433.50 and exit on close if market not below.

Cotton

Wednesday saw quiet action and no real attempt was made to the downside. It closed right on it's upward sloping trendline. Thursday saw immediate selling and our downside objective of 54.25 was hit at the end of the day for a $1091.00 winner on a one lot.

Possible Trade Setup Update

The trigger price of 434 was not reached on Wednesday, therefore the symmetrical and ascending triangle patterns were not initiated.

Possible Trade Setup

We have two possible trade patterns forming again in July Corn- an ascending triangle and a symmetrical triangle. The ascending triangle needs to break out tomorrow and the symmetrical triangle still has a couple days. I'm looking to buy a break up at 434 on the sym tri and 435 on the asc tri. Stops to be placed at 422.25 and 424.00, respectively. Corn found support at it's 10 day EMA today, but in consolidation mode the past 2 weeks.