Soybeans

[SSI]

in the thread commodity trade (1), we can discuss the sugar market and any trade that develops..

In this thread we can discuss the soybean market..

Soybeans trade at the Chicago Board of Trade (cbot) from 9:30 am to 1:10 pm cst.........

overnight margin, currently $1080..

every penny that beans move = $50........

lets start by looking at the past few days numbers, remember ive only charted since last friday (1/5)

1/5: open 675.5, high 682.00, low 670.5, last 681.5

1/8: open 675.00, high 681.5, low 674.5, last 677.25

1/9: open 667.00, high 670.00, low 661.75, last 664.50

now off these and looking at past charts, we will begin to formulate a basis for a trade and an opinion of the market......

this is march beans btw, and the strategy that i use in trading is a form of technical trading......

first opinion of looking at things, is there is pressure to the downside.. i attmepted to short this market yesterday but was never filled.......

we will watch today and see what happens.....

any trades or info about beans, can be posted in this thread..

im currently hand charting and following: beans, sugar, hogs, emini.... ill add the corn market over the weekend........

 

[SSI]

lets quickly discuss march soybeans and update our hand charts..

1/10: open 664, high 670, low 657, last 664.75

first thing that pops out at me, is selling pressure is still here and we have a double top at 6.70,,,,,, thats $6.70 per bushel for those that dont know.

file this in your notes for refernce......

double tops and bottoms, offer solid resistance and support.......

triple tops and bottomss, almost always are broken....

these are 2 guidelines, other things to look for, that is 2nd nature for me but need to be learned...... and they are merely a guide, doesnt work 100% of the time......... because when a double top gets hit again, it then becomes a triple top.......

also remember, most gaps in the market get filled within a few days, if they do not, then chances are you have a big move about to occur.......

what you ask, puts gaps in the market............. and i argue with my broker about this answer......... lets look at our hand chart for beans.....

see the low on 1/8 of 674.5,,,,,,,,,, now notice it opened and traded lower than that low for the past 2 days,,,,,,,, the last 2 days in the bean market, the high has been 670......... i consider there to be a gap from 670 to 674.5.......... do you see what im talking about here...... it is of my opinion that we need to fill this gap within a few days or we are going to go much lower......... we have had 2 straight days of lower lows, this is also another sign of lower prices to come in the near future but with the gap still hanging there, i cant just jump in and sell anywhere..... do you guys remember i tried to sell this market yesterday around 673 or so.. this was me playing that gap getting filled.........

for now, we continue to watch this gap and stay on the sidelines.......

any ????? about march soybeans......

 

[SSI]

just as i suspected.....

finally my first shot at being right......... beans closed the gap at 674.....

big note to self.....

1. first to ever do, please indentify the overall trend of the market and try to trade with it.....

glad we are only paper trading....... for 30 more days........

the
bean market should now be looked upon for a posistion to get long......

 

[SSI]

ok, looking at a nice long term trade here......

buying march beans 671, place s stoploss at 656 initially........15pt stoploss ($750 worth of risk)............

hopefully this trade will continue for a while.......

Loss on the first emini trade, small loss in hog market......

still in sugar and now in soybean trade...........

not a dull day........

 

[Fishhead]

I grow SOYBEANS in Iowa, so therefore have some good insight into the soybean market.

 

[SSI]

you should trade them Fish........

 

[Fishhead]

you should trade them Fish........

Have, many years ago.

With your assistance, going to get back into trading.

Thanks

 

[SSI]

Fish the dream happened today,,,,,,,, go long yesterday at 6.71,,,,,, have the market almost limit up today.....

trade is updated in the (Overview of this weeks trades),,,,,,, dont feel like writing it again........

 

[Fishhead]

Fish the dream happened today,,,,,,,, go long yesterday at 6.71,,,,,, have the market almost limit up today.....

trade is updated in the (Overview of this weeks trades),,,,,,, dont feel like writing it again........

AWESOME!!!

 

[SSI]

seriously fish,,,,,,,,, if i were really trading, id been holding 3 of them......

report this morning was very bullish......... its uncertain where this market will go.........

you have witnessed a trade in which i could have become really rich........ im not shooting the sh__t here.......

beans could easily go to $9 or $10 per bushel.....

corn is leading this thing higher........ its been locked limit up......... 20 cents per day is locked limit for corn.......... 50 cents for beans is locked limit for the day.......

the best feeling in the world, is to be in Long in the soybean market and to be locked limit up.......... 40 more minutes of trading, we may get there...... currently up 43 cents now.........

 

[SSI]

the shorts are running for the freaking door...................

bittersweet trade for me......... i called this exactly right but it was only a paper trade and i had to hit a big freaking homerun.........

well boys this is the essence of how we trade........

here is a list of what our trade sheet may look like..

1. Loss $200
2. Loss $150
3. Loss $400
4. Loss $100
5. Win $1500

in all honesty, thats a great looking stat-sheet............ its very realistic in how i trade as well.......... although i truly hope better than a 4-1 win/loss ratio.......... but the way i trade, one big one, is going to eat a lot of small losses..........

 

[SSI]

there is a huge freaking gap in the market now.............. good chance its a breakaway gap..........

678 to 695.............. if it isnt filled in a few days, this market is going substantially higher......... and im freaking paper trading.......

nap time,,,,,,,,,,,,, hopefully...

 

[Fishhead]

there is a huge freaking gap in the market now.............. good chance its a breakaway gap..........

678 to 695.............. if it isnt filled in a few days, this market is going substantially higher......... and im freaking paper trading.......

nap time,,,,,,,,,,,,, hopefully...

A little over a year after this post, BEANS have nearly doubled!!!

 

[JustWin]

A little over a year after this post, BEANS have nearly doubled!!!

My boys in Granville won't quit calling and telling me and now I read it here from you...I'm getting it from everywhere...

 

[SSI]

"Beans to the Teens", thats the phrase boys.....

 

[Fishhead]

Easily into the teens........can we see $16.00 beans?