Posted 5/20/2015 14:37 (#4581918 - in reply to #4581905) Subject: RE: Speaking of the Wheat market..
I didn't call it on here. I was also not short wheat at the time (a tale I've somewhat documented and attribute to not studying charting early enough as I'm just getting into it). I was long in the field and nothing on paper.
I also did not take any positions on the board when wheat hit its low. I attempted to buy courage calls that day but I was busy and got to my marketing tasks a little too late in the day. I think if I would have gotten my orders in 10 min earlier they would have hit. I was attempting to buy $5.70 Sept calls for less than $0.10.
Market took off as I was placing my orders and never looked back.
I feel like we're at the end of this rally already but I hope I'm wrong. I sold a lot of wheat two days ago. So far it was the right thing to do but two days is not much time. Like I said I still hope I'm wrong because I have more to sell, but I sold a fairly large percentage of what I expect to produce.
Also like I said, I feel I would have done much better had I started studying this stuff in earnest 6 months earlier. When the real opportunities were to be had, I was basically throwing darts at a dartboard. I'm not much better than that now, but I believe I at least know how to aim the darts a bit better.
Lines are cool, but market structure rules
