Very impressive. Although I have seldom touted trades in the grain complex, I always suspected that the competition would be up to snuff. And so they were, setting up a long-entry opportunity that I would have rated as “ideal” for camouflage but which turned out to be a bull trap. Although the point ‘X’ entry at 770.75 failed by two ticks to trigger and we did nothing, everything up to that point precisely resembled the hypothetical set-up I’d sketched for you in the chart presented here yesterday. I’d mentioned earlier that we’ll need to get the range and the rhythm of this little sonofabitch before we dive in, so yesterday’s dry run counts as a learning experience — one that alerted us to Corn’s exceedingly treacherous price action. For today, let’s try to buy down near the 738.25 Hidden Pivot support shown. Entry should be via camouflage, presumably using the 15-minute chart or lower. You can try it with a straight bid and a stop-loss risking no more than a penny ($125), but my assumption is that this will be riskier, if perhaps easier, than a ‘camo’ entry. Please note that I am not using a one-off ‘A’ here, so there’s a risk we could miss the trade if the futures turn higher without dipping first to our retracement target. At the moment (i.e, Wednesday, 5:10 p.m. EDT), there’s also the possibility the turn has already occurred — off the 757.75 midpoint support of the pattern shown.
