CBOT:ZLZ2021   Soybean Oil Futures (Dec 2021)
8.26.21 If you don't read this section, the video may be a little confusing. This is a video for my student who took a long trade in soybean oil yesterday, and I didn't like the trade. My students take trades that I don't like all the time, and I'm perfectly fine with that. Frequently they make money, and I'm very happy about that. At one point my students would have liked it if we opened up a private room and traded together, and I didn't want to do that at all for lots of reasons. On the other hand, if they tell me they are in a trade, I assume that they will anticipate my comments. If they tell me about the trade after it's done, then I can't comment (until after the trade). Since I don't spend a lot of time on soybean oil, I had to talk through the chart to clarify my point of view. You may or may not like my analysis nor my conclusions, but that video is absolutely typical of how I look at a chart and reason through the chart my points of view. It might take me five minutes if I don't have to produce video, but this is exactly how I do it. I always look to the left it gives me something to compare to the future. I don't care if it takes five minutes or even 10 minutes when I can easily lose $1000 or more if I make the wrong trade decision. It gives me more time to think like a buyer and a seller and where I would want to take a trade. It doesn't break my heart if my student didn't see that large ABCD pattern even though it's too late to do something about it. It does not break my heart if my student didn't take the long at the double bottom. But she follows that market, and the chances are good that she might have caught that double bottom two or three days earlier...And maybe she did, and she didn't like the trade at that trade location. My biggest concern is that my students do not stare at the chart with no specific way of analyzing the market, and from that point taking a trade without a thoughtful reason. If they think before they act they both will make money. They are both profitable traders...and getting measurably better.
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