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hedge project - updates
that's how it ended, with a profit but mistake learned; never holding over night https://t.co/HC1prxE91P Wednesday 11/03/2021 11:34:00 AM GMT+03:00
<script async="async" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> That's how it ended, with a profit but mistake learned; never holding over night.

In reply to my post from yesterday: Left with short trade overnight, here's some info how it ended. All good, I managed to close the trade with a profit; however as a day trader,  I never hold positions overnight.
 

What I do is one hour before market open, I start looking at grains charts - corn, wheat and soybeans. Studying bigger time frames as 6-month or yearly charts in order to get an idea of the bigger picture and overall movement of the underlying futures contract. Once market opens, I generally, stay in the side lines for the first half an hour or hour as to get the feeling of price direction, drawing highs and lows of the day and waiting for a break up or down as to either go long and short with brackets at take profit and stop loss targets. If either SL or TP has not been hit, I close the position. In particular case due to time difference and winter time clock change, I missed to close the position at market close, had to wait till morning as to see what it ended and finally exit the market.

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