Trading Journal Entry (06/08/2011)- Corn Limits Up

Today, I had a good setup to build new Corn long positions. Corn limits up (moved up the maximum allowed by regulation). My options buying power increased and I pyramid positions near the limit price. But shortly after, the market calmed down and Corn came slightly off the limit. In the thick of battle, I am forgetting to use the daily chart and next time, should not buy into the limit and make use of the daily chart. I don’t think this would’ve happened though if I had more money in my account as I had to wait till my buying power increases. Money is only starting to trickle into my “futures” trading acct. so I’m working with limited risk capital.

Let’s see what tomorrow’s USDA supply/demand report says.

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