Mr_BidAsk
Long

Bearish Bean Oil Channel Close to Resistance

CBOT:ZLZ2017   SOYBEAN OIL FUTURES (DEC 2017)
40 views
3
40 0
Simple trade strategy, DEC Bean Oil has been in a bearish channel for a while now. Price is close to reaching resistance. I think its a decent long play (possibly short term) until resistance is hit, then look for direction:

1. If breakout, buy signal

2. If resistance holds, sell signal
(The Stoch RSI seem to look very overbought to me. I could see the commodity staying overbought until the price is close to the resistance, and then selling off)

Again, this is a simple strategy with not much depth behind it. The channel is clearly a valid one, and could provide traders with a good indication of price movement.

Opinions and Ideas are my own, Happy trading!
Comment: Bean oil has made it to the resistance, will watch closely now. If it decides to break through, I will add to my long, and if it cant break it I will get short.

We shall see where this one takes us.
Trade closed: stop reached: might be time to turn over and get short?
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing TradingView Coins My Support Tickets Get Help Ideas Published Followers Following Private Messages Chat Sign Out