SOYBNUSD(Soybeans) 19 May 2021 Long Trade -1.0R Loss

TRADE REASONS:

Soybeans charts showed the following when the trade was entered.

1. Daily chart: 10-day MA was angling up.
2. 4-hr chart: Role reversal S/R zone was tested after stochastic %K declined to <20.

The trade plan was to enter at the S/R zone with a stop 1x ATR below entry and take profit at the opposing S/R zone.

SOYBNUSD Daily and 4-hr charts

ENTRY:

Entered long at 15.749 on 19 May 2021 14.00hr MYT at the S/R zone. Stop was placed 0.18 below entry at 15.57 based 1x 14-bar ATR. Take profit was placed at the opposing S/R zone at 16.60.

EXIT:

The setup failed. My stop was hit at 15.568 on 19 May 2021 20.25hr MYT for a -1.0R loss.

LESSON LEARNT:

Related commodities such as Wheat and Corn were bearish at the time when this trade was considered. Soybeans followed suit at the end of the day.

Disclaimer: 

Trading and investment involves risk, including possible loss of principal and other losses. I shall not be responsible for any losses or loss profit resulting from trading or investment decision based on my posting and any information presented in this blog.