Many pros expected to see 1700 this morning since the overnight high was only 5 point away from the psychological number. As it often happens the market is counter intuitive and not granting people's wishes. ES started dropping in the first hour. I think the big guys are just trying to shake out the late longs. They don't like too many people dragging on their coat tails. Another explanation is that they need more inventory above.
Grains had a big sell off day. It approved I was wrong again. I exit out yesterday with higher target. I still need to work on my discipline. I had a better than b/e stop and should have let it run. I just couldn't overcome the fear of losing the profit since I had a loss in wheat the same day. I also had a perfect reversal entry to short wheat yesterday but I raised it too far and didn't get fill.
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