January Soymeal Futures Trade

January Trading Report Part 5

New position taken in Soymeal

Date	Future	Qty	Position	Price	Exit
15-Jan	SMH14	5	short	420	419

gross profit before commissions -  $100.00 x 5 = $500.00

Technically speaking im flat on the trade. The commisisons on entry and exit negate the money earned.  Usually the Soy group moves in quick step in unison. However as I initiated my short trade and after 4 sessions observed a widening of price action creeping to the upside, I felt it was necessary to abort this mission completely.

a widening of the days trading range could become a pivotal point in the market psyche, and there was not time to pause and reflect either. professional Soy traders are notorious for a clear out before the weekend and so i decided to exit prior to the usual stampede for the exit.

Chart action can be utilized as a back up tool when a pivotal point is reached but if I were to use charts I would fall back upon Japanese candlestick charts to give me a clue into the psyche, and plain jane moving averages, but as much as I can, like the pit traders, i work with numbers in the present.

And thats January done.