Coffee update

Coffee trade still on, set tight stops but market just continued higher today - slight correction from yesterday, set stops at 2156 (1), 2148 (1), 2146 (1) and 2120 (2) so only the 2156 got hit before price took off again and setttled at 2181. So still 4/5 of position still open may move stops up slightly to get benefit of today if price reverses tommorow.

Cocoa trade was up to £113 by lunchtime but settled down and hit my stop for a profit of £73.

Quick trade in Corn, loss of £58 - will it retest 500.00 and fall away to retrace some of its recent rally, thats what I am leaning toward now. It has shot up to 529.00 and reversed today down to a low of 492.00. Quite some reversal and therefore I think bearish. Expensive spread though in Corn, as it is £10 per round trip.

My first really successful trade using my scaling in technique was in Corn a couple of years back for a gain of over £500 - it was testing down to the low 190s and I knew it was running out of steam on the downside - but it just kept trending lower and lower, eventually there was a break higher on volume and this was the start of the big uptrend ’til now. People were talking 150 Corn but it was already way in the lower 20% of its 30 year trading range! It really was a no brainer trade, and then the Corn Ethanol story got a lot of coverage and price never looked back.

I bought in the low 200s and got out around 250ish - it would have been a nice trade to keep open, and that was the intention, but after the initial move to 250s it reversed back and tested down to 240, then low 220s, and that basically stopped me out, before taking off for 400! and now 500.00! Markets eh?! Can’t live with them, can’t live without them.