Wheat Futures Trading 6-19-08

Wheat (Thurs 6-19)

Previous Day, Overnight, & KeyLevels

Prev Day

• Tested Lower
• Price rejection lows
• 11:45 50% retracement from Thrust that (did NOT take out intray highs)
• 
  
• Tested highs end of day
• Fails to take out intrday highs

====Choppy Trading Day (for Prev Day)====

Overnight

• Tested Higher Sold Off

Levels for Next Day

Up: 914 (prev & daily)

Dn: 844 (prev), 869 (daily)

New Day

• Opening Range = Weak/Choppy/No Velocity open
• 11AM session
• Test move lower
  

• Proximity to Previous Level
• Hit at 887 area for the 885 breakout
• Entry for Continuation Lower
• Enter at 887, and on retrace to 893

Entry: 887, 893
Exit: 893
Losing Trade
Comments: Could have looked to enter all on retracement and hold position longer.

See Below: