3/31/2016 Grain Stocks – Corn (1200 EDT)
Forecast: n/a
Actual: n/a
SPIKE / REVERSE
Started @ 362.00
1st Peak @ 353.50 – 1200:59 (1 min)
34 ticks
Reversal to 360.75 – 1204 (4 min)
29 ticks
Pullback to 353.00 – 1213 (13 min)
31 ticks
Reversal to 355.75 – 1219 (19 min)
11 ticks
Final Peak @ 347.75 – 1327 (87 min)
57 ticks
Expected Fill: 360.50 (short)
Slippage: 0 ticks
Best Initial Exit: 353.75 – 27 ticks
Recommended Profit Target placement: 354.25 (just below the S3 Pivot)
Notes: Tame short spike offered a no slippage fill and an exit with up to 27 ticks as the :01 bar expired just below the S3 Pivot. Then a nice reversal in 3 min to the 13/20 SMAs followed by a double bottom. After that it trickled lower in about 1.5 hrs to the S4 Pivot.