Monday position day trade

The soybeans Jan contracts proved today that grains often tend to continue day trend once established. Especially, when it is pointing to the down side. The Jan contracts closed at $892.25 falling 4 dollars and 3 quarters during the day.

In grains the good thing is that there is no much noise; once trend established, it continues. So what I do for trading is to wait at open for an hour or so to see if a trend is established and there is a clear direction. Mainly traders draw support and resistance lines based on high and law of the day after the first hour and wait for price action to break either lower or higher.

Trades today:

SELL ZSF0 Jan   1  LMT 897.25
BUY  ZSF0 Jan   1  LMT 895.25

  


The entry was good; however I didn't hold the position run longer and closed early. However it is much better than my previous trades when I was opening and closing dozens of trades during the day. My current strategy and aim is to position day trade, meaning to open when there are right signals for that and hold as much as it runs. As well as protect it from big losses as to keep tight stops.

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