1. A daily close above $9.91 in March soybeans will indicate new long entry for a quick advance and test/attempt at $10.00/$03 (or higher) into later this week (week of January 19).
2. Aggressive can go long at current prices (current price $9.87) with an initial protective stop at $9.76.
3. Initial long position exit should be taken at/near $9.91, and a further exit at/near $10.00. any final long position exit will be messaged in a subsequent update.
1. Our protective sell stop in March soybeans has been raised to $9.79. The stop will continue to be move higher as the market confirms.
1. Our Wed., Jan. 21 March soybean update indicated that a daily close above $9.91 in March soybeans would indicate new long entry for ordinary (non- aggressive) traders for a quick advance and test/attempt at $10.00/$03 (or higher) into later this week (week of January 19). No long entry occurred based upon the above.
2. However, the report also noted that aggressive traders could buy March soybeans at the market (current price, $9.87) with an initial long position exit at $9.91 and a initial protective sell stop at $9.76.
3. Soybeans advanced and initial long position exit was taken at/near $9.91, as indicated.
4. Our protective sell stop was raised to $9.79 which was then hit on Thurs. Jan. 23rd. This resulted in a small loss on the overall position (for aggressive traders). This soybean reversal/failure is important and likely indicates lower prices coming. Will message any further entry or indication in March soybeans.