Long wheat!!Hello all
Let's take a look at wheat.
Weekly : Price broke LT trendline. Tested it and failed at kumo cloud top twice. This is third attempt and i expect a breakout. Weekly macd is above zero and crossed up.Chikou is above price and price above TK.
Daily: Price broke the triangle. Daily macd is above o and crossed up. Chikou is above price. Price above TK.
I am long and looking for a test of monthly kijun.
Big question is can this be starting of bigger multi year rally in corn and wheat?
Thanks
XW1! trade ideas
Wheat Turn Around? Cypher?Wheat RSI has floored. Elliot wave 1-5 complete, and wheat is still trying to sell itself off of a bearish flag. There is an outside chance of this becoming a Shark. More likelihood a Bearish Cypher. If up trend forms, looking at 430'4 and then 444'2. After 452. This could also fall more into extension in which case target numbers may change.
Wheat Still in DowntrendJuly Wheat has made a bullish flag and tried to escape it today. Wheat still in downtrend and market full of wheat right now, so still looking for further downside. Upside target reversal may come at 449 downtrend line if flag doesn't decay. If broken and stable we could see a short term turn around. RSI has come to downtrend line so caution should be taken.
Positive, but not there yet!I just adjusted the weekly multi-year bearish trendline to candle peaks.
Indication is bullish (see EWO, MACD and haDelta), but the break has not yet happened.
If price dips in coming weeks, then we will have to look for buy signals in 435-445 range, otherwise just buy the break and close above 475.
Long wheat!!!Hello friends
Hope trading is going well. Feb was quiet month for me. I did not had too many setups on my timeframe and my pairs. Took wheat long at close yesterday. Reasons are:
On weekly, i see bullish consolidation as ha delta is above 0 and price is above trendline. Chikou above price.
Daily is bullish. Price is above Tenkan now and hadelta is above 0. I saw decent risk reward here. So i am long. Have stop in place in case it doesnt work.
I am also watching few stocks. Will post them tomorrow. Really tired today. In case you want to check them out, they are TASR, INTC, MGM and NVDA.
Happy trading.
CBoT wheat dailyThe daily MAY17 chart shows that price has been under control of a long term descending resistance trend line that started during the 2nd half of July 2016 which was broken by price to the upside on January 5.
From there on price traded an ascending channel which has its origin at the 406 level on December 23 and offered support to price on January 30 and on February 7. Price has now again arrived at same supportive ascending line which should offer immediate support from Monday’s session onward.
The ascending line starts at 445 on Monday and ends at 450 by the end of the week. We will allow price to pierce through same support but we do not want to see price trading below 427 in which case we will have to reconsider our bias.