****Note: SGG We will raise the stop now that it has cleared the 100 DMA and we got 2 ATRs, but prefer to do it at the market to avoid HFTC from gunning for our stop
Overall market conditions are keeping me from adding risk. Looking for more confirmation a bottom is in.
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Existing Position: Long SGG: 27.32 ATR: .87
Name of Instrument: iPath Bloomberg Sugar TR ETN
Current Price: 28.84
Original Sell Stop: 24.74 (Expect a raise somewhere around 26.37, but DO NOT place the order)
Reason For Trade: Essentially in a downtrend since mid-2011, I have been hawking for a bottom for some time. Over 29.05 on a weekly closing basis, would be a great confirmation but for now, after a confirmed bottom formation on August 24th, we bought on the basis of a phase change to recovery. Our risk is not quite to the low of that bottom, rather under just under the high of that day since that would suggest the bottom will not hold.
First Target: For now, will hold off on a target and instead, if can get to 2 ATRs will go to a no loss stop and reevaluate.
