Corn Futures Breaking Year Long Resistance Level

I believe this is my first post about Corn Futures, so let's see how this goes! Daily charts so that corn futures are trading within a channel, with resistance being the 50 MA and the support line being the 200 MA and the price support level of 356. Corn Futures shot up today above both the 50 MA and the resistance portion of the channel in which they were trading.

That price resistance level of 370 goes back into the start of 2016 and has carried with force except for last April when Corn Futures shot past it and ballooned up to 440.

The reason I like using TA is that you can easily see the human nature of the markets. Being irrational beings, we influence markets without even thinking. Most of the TA that I do is based on the overlying assumption that it is a self fulfilling prophecy, where it matters only because other investors and traders think it matters. Regardless, there could be a play here.

Am I suggesting that Corn Futures will rise into the 400s again? No. I have no idea where corn futures will go. I'm trying to give myself the best probability of being on the right side of the trend.

The setup I would use to play this bullish trade would be to enter right above the 50 MA breakout. I would put my stop at 365.4, which is just below the 50 MA. To me, this makes sense because any move lower than that would discredit my bullish hypothesis.

With the stop loss at 365.4 I would begin to take profits at the 390 level. This gives me a risk reward ratio of 3:1.

All the best,
RC