Corn:
Price indeed traded further down which has caused a massive drawdown on longs that were take at the buy-stop level. Price drew a very long bottom tail on the chart for Friday's candle with a (less than perfect) 'hammer' as result.
Longs that have been stopped out now have a renewed opportunity to try one more long play but need to put stops tight as we want to see the reversal to happen during the first 2 or 3 sessions of the week.
Price indeed traded further down which has caused a massive drawdown on longs that were take at the buy-stop level. Price drew a very long bottom tail on the chart for Friday's candle with a (less than perfect) 'hammer' as result.
Longs that have been stopped out now have a renewed opportunity to try one more long play but need to put stops tight as we want to see the reversal to happen during the first 2 or 3 sessions of the week.
Trade closed: stop reached