July SUGAR (SB-MN8)
We went LONG last week on Thursday in July Sugar at 11.65 as we broke above the trendline.
…last traded at 12.51 UP 86 points here
In lieu of a STOP ORDER, we purchased the July 11.50 put for 25 points.
…last traded 4 points DOWN 21 points here
The first objective at 12.40 was hit
***TIME TO MOVE STOPS or take profits (65 points or $728)***
Later today or tomorrow, I will be SELLING a call (either at 12.75 or 13.00) to stake our profit objective AND get back the put premium when we initiated the trade
I am taking the stop up to 12.20
IF we retrace here, the put should increase in value as the future leaks a bit.
Make sense? Great job to those participating in this!!!
Have a look at the chart:
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