- Short a tiny amount of Mar Corn since 21Dec11, at 611.
- Finally cut loss at 658.25 earlier this evening in Globex.
- Market just opened for today's main session, limit down 6% at 611.50.
- WTF !
12 January 2012
Corn : Heartbreaking!
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2 comments:
I should stop watching CNBC. Couple of nights ago some talking head came on and said to expect bad data today which could cause serious squeeze up in corn prices. Registered in the back of my mind.
My original mental stop was at 665. No reason for me to have cut loss today at 658.25 as chart pattern still supports my tiny short. Only got out because of what the guy said and I thought why risk losing more albeit on a tiny position.
Same as the time I got talked out of my short gold position at 1893.
Lesson - best stick to the chart and don't talk/listen to anybody.
My sympathies for the WTF outcome of this trade. Been there, seen that, unfortunately. And completely agree with your conclusion - don't read or watch anything that distracts from the chart reading, unless one has the superhuman ability to clearly disassociate what one reads/hears from one's chart reading.
Good luck.
Pandu
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