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Drew charts for Sugar, Cocoa, Canola and Orange Juice.
Orange Juice is on the liquidity lower end, but still sufficient I'd say. One step lower would be Rough Rice which I intend not to trade because of fear of too much slippage.
Also made a general info's sheet.
I see 1 contract traded on a CME market as the norm and adapted the ICE traded markets to that.
I haven't looked into why exactly that is so yet, but interestingly the measurement unit Bushel actually isn't the same for every grain if you convert that into for example tons. Seems that must have also some other factor than just weight to it.
"Thou hast been faithful over a few things, I will make thee ruler over many things"
Can you help answer these questions from other members on NexusFi?
May be worthwhile to add a column 'Daily Potential' (tick worth x (ticks between 1SD and VWAP)) in dollars/euros to get an idea of the 1SD profit/burn potential.
I do try to keep an eye on volume, especially when a pattern-breakout day occurs, if significant volume might give me a clue for the reliability of the breakout.
But I disregard it for influencing any decision, since it will probably lead me down again the path of trying to avoid losses and overcomplicating.
According to the "authorities" I'm basing the method on, it shouldn't make that much difference in the futures.
Concerning SD, I haven't occupied myself with that until now. It might be an idea in the future, but for now it will probably lead to the same overcomplicating scenario based on my urge of "making every trade as equal as possible" of which I'm trying to get away currently.
"Thou hast been faithful over a few things, I will make thee ruler over many things"
I was going to write that a "bushel" is a unit of volume (size), not of weight, but I thought I would look it up first. It turns out that a "bushel" is an odder unit of measure than it seems.
Since different grains have different densities (mass divided by volume), it makes sense that "bushels" of different grains would weigh different amounts. It doesn't really make that much sense that "bushels" are still used, but that's tradition, I suppose....
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
Interesting! That way it makes sense.
If I remember it correctly, there was a part in Reminiscences where Livermore did some huge trade in Cotton described in buying so and so many bushels. But that today actually is quoted in Cents per pound.
So maybe the folks in New York have "phased the bushel already out" (even though not metric).
"Thou hast been faithful over a few things, I will make thee ruler over many things"
Unfortunately the technicalities with Mr. Paper and Mr. Sim aren't finished yet, but this would be an order-placement.
For it to be a valid and not a forced Triangle, I want to see an 1-4 or more alternating zig-zag move between the two borders. The two "x" I see as an additional bonus.
The confirmation I want, which is a clear close outside the border of which it broke out is given and if it rises above this day's high, there's no question for me anymore that it's worth the try.
Maybe Chicago Wheat can follow which closed weaker on Friday for a "Micro-Contract" trade in the ETF.
"Thou hast been faithful over a few things, I will make thee ruler over many things"
Solid ascending Triangle but unfortunately still not able to trade.
Chicago Wheat
Chicago Wheat do followed Kentucky today, but under "unfortunate" circumstances.
First it gapped above the pattern border, then it got back a little in, but again rose too far outwards for making it possible to place the stop below the day-low given my risk-management rules.
So I had to move to the stop "below significant intraday low" rule and then finally the 1:2 min r/r looked not that favorable anymore.
But since it could as well be seen as a H&S with an up-slanting neckline, and applying this profit-target the situation looks better, I consider the situation still alright.
So I'll place a place a buying order, via the Wheat ETF, and aim for the Triangle 1:2 profit objective.
"Thou hast been faithful over a few things, I will make thee ruler over many things"
Teucrium ETFs: No trading permission for retail clients! Would have been an idea to look that up before I put in the time to calculate my Micro-Contracts.
Typical case of being so enthusiastic about the idea and forgetting to check if that even works how I think it should.
Opening up a paper-trading account takes also way longer than I thought....
"Thou hast been faithful over a few things, I will make thee ruler over many things"