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hedge project - updates
If you can't trade, trade corn Tuesday 2/02/2021 01:51:00 AM GMT+03:00

It is well-known saying. If you can't trade, trade corn. That's all about me. As many traders, I've been all around the world of trading. Starting with forex and CFDs, going through stocks, finding the universe of options and finally settling at futures. At first trading ES minis and in the end ending with grain futures.

End-of-Day price quotes for Mon, February 1, 2021 

Symbol    Last    Change    %Chg    Open    High    Low    Volume    Time
ZCH21    549-2s    +2-2    +0.41%    549-0    555-6    539-0    202,570    02/01/21

I've been trading corn futures today. Especially the minis of corn. First of all when it comes to mini grain futures, it is good for trading with less capital but one always has to have in mind the lower liquidity and and bigger spread. 

They say that grains are easier to trade as there is less noise compared to indices for example and trends and break-outs are easier to identify. Mini grains are even more less noisy and quite slow-paced markets.

On the first chart of mini corn March 21 contract, after pit open, we are staying in side-lines and in first hour of trading, setting support and resistance levels at the low and the high of the day. As soon as the either one is broken out, we are placing an entry order. In our example it is sell to open limit order at $5.45 1/2. I also placed a stop loss order at high of the day of $5.55 and take profit somewhere at $5.30; however as price action showed signs of reversal, I decided to exit at $5.42 3/4.

From below chart it is clearly visible how market proceeded trading and bounced higher from the lows of the day.

What is needed to say that grains are not that easy as it is said and it is the same market as all others with it's own rules and flow. The most important is to find the market that appeals the best and stick with it. 

Today's trades:

Sell    1    XCH1    Limit    545 2        Filled    Entry    1    02/01/2021 17:32:10    545 2
Buy     1    XCH1    Limit    542 6        Filled    Exit     1    02/01/2021 17:43:25    542 6

Gross P/L    $25.00
Fees Comm    $(2.28)
Net  P/L     $22.72

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