From a mild Johannesburg and ahead of tonights WASDE (out at 7 pm local time) I would like to share what I feel to be a very RR (risk/reward) trade.
Of all the softs heading into tonight's numbers, I feel that Corn has the highest probability of rallying.
I believe that we can see a rally toward the $4.24 level in the coming days and post tonights numbers. The targets also fit perfectly in with the 61.8% retracement.
At current levels, this trade presents us with a 31/10 bet based on a stop under $3.71.
This could just be the way to end off the 1st week of 2020….. with some decent $$$$ in your pocket!
Happy hunting and always remember the following: “hard work and discipline will always trump talent when talent does not work hard” ~ anonymous
Giancarlo
Trade active
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After a decent pullback and rally off the ST lows, this chart is well on track to trade toward its targets!
Trade active
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The stop is still active and we are patiently waiting for the rally to resume and feel that there might be an overreaction to the corana virus.