March Corn Daily Numbers & Trade Ideas for 12/16/09
Dec 18, 2009
This report was sent to subscribers on 12/15/09 6:00 p.m. Chicago time to be used for trading on 12/16/09. Everything is done by Howard Tyllas, no program or black box.
March Corn
After the close on 12/16/09: My resistance was 4.14 1/2 FG, just .00 3/4 from the actual high, and my support was 4.00, .03 1/4 from the actual low.
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4.21 1/4
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4.14 1/2 FG
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--------------4.07 1/4 Pivot
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4.00
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3.90 1/4
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Use the same numbers as used on 12/15/09
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Trend
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5 day chart....….…. Up
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Daily chart ……….Sideways
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Weekly chart …….. Down
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Monthly chart ….... Down $3.97 is the 200 day ma
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ATR 12 Overbought 83%
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Green uptrend line is pivotal now, red bracket line is resistance. I said "$3.97 the 200 day is in play now" and proved to be good support.
March Corn for 12/16/09
I have always said, "I do not care what the reason the market gets to a location on my chart that presents a trade opportunity".
Grains: Spot on soybean numbers in a 19 cent range, with corn stuck in a 5 cent range for the day. I was impressed with the way grains held up in spite of a stronger dollar. As you know I am a bear at these price levels, but until January soybeans (SF) get below $10.19, March corn (CH) below $3.70, and March wheat (WH) below $5, I want to continue to look at it as a trading affair, which means selling it near resistance above $10.60, and buy it near $10.30.
This is what trading is all about, trade management. Approach, structure, strategy, plan, money management, and execution. Since we are discretionary traders, we can use the tools of the technical's, fundamentals, and some intuitiveness in how we trade. Every market is different and has their own nuances, and this the discretionary trader also observes and tries to utilize. All trades are not created equal, as well as time and price. One thing we all have in common, on the day we want to enter or exit, we all need and want to optimize the best price on that given day, and that is where the daily numbers come in. But even if you have a black box, or your own system, my numbers will verify your numbers or give caution if different.
In my daily numbers on Tuesday my pivot acted as resistance and was $.02 3/4 from the actual high; my pivot also acted as support was $.01 1/2 from the actual low. This market is looking for direction trading so close to the pivot the entire day.
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Howard Tyllas
Disclaimer: No guarantee of any kind is implied or possible where projections of future conditions are attempted. Futures trading involve risk. In no event should the content of this be construed as an express or implied promise, guarantee or implication by or from Howard Tyllas, that you will profit or that losses can or will be limited in any manner whatsoever. No such promises, guarantees or implications are given. Past results are no indication of future performance.
