This is a very simple and good working strategy for day trading grain markets. Once the grain futures market opens at 8:30 am Chicago time (16:30 which is the time in my case), we tend to stay in the side lines waiting to see for direction. It is good to wait for an hour or so as to let the market trade. After the first hour, I draw support and resistance lines simply at the low and high of the day and waiting for a valid breakout. If the price breaks out either direction, we enter and put take profit at 10 points and stop loss at 6 points. In case the trade is a runner, we can move stop loss above break even and let the trade run.
B/S Qnty Contract Price Date & Time
Buy to open 1 XWZ0 Limit $604 5 Filled 11/10/2020 17:06:24
Sell to close 1 XWZ0 Limit $605 7 Filled 11/10/2020 17:13:04