Friday, May 17, 2013

Corn 5/17

Good Friday Afternoon all,
Today was an interesting day on the ol corn market... I went in holding naked puts up a few pennies, at about 10:30 the market moved against me, but not before reaching a low, which I shoulda exited on.. Instead it started up, broke through my channel, which was my exit signal...
I was able to exit at 644 for +1.44 x 3... She then ran up and touched one of my many fib lines which told me to my short...
I bought 1 July 650 at 652 2/8 for 20.7
She then continued up and reached for 655..again a fib on one of my charts.. at which I tried to buy another one at 18.7...but no fill...
The rest of the day she traded sideways to down for a very unexciting day..
I was happy to exit with a small profit, but left nearly $300 on the table...
At the close, I tried to exit for a penny profit and set my limit at 21.7... No fill... I was the Ask at the bottom and that only lasted a second... I then replaced my order several time to try and get filled, but it was an last minute pop, which has left me holding 1 July put over the weekend..
I do not like holding options over the weekend.... and with the weather acting up... I may have screwed up...
The good news... I reduced my exposure to the market by only buying 1 put, vs my earlier position of 3... this allows me alittle comfort as my potential losses are cut by a 3rd... Indeed, the good news is that I did not hesitate and exited my positions while they were still profitable... So... thats the update... got the crop progress report on Monday after the close and with any luck I will gain enough with this position as to not add...I am getting in alittle over my head as we still have not direction in this market... as that is the main reason I am happy to only be holding 1 in lieu of 3...
The plan for next week... look for a re-rest of highs prior to the report...if we get it add 1 position before the close and hold ...

No comments:

Post a Comment