For 8 consecutive weeks feeder cattle has continued to be in control by the bulls. How soon will they start emptying their positions?
i have drawn a few waves on the chart, Im not a wave or a xabcd or a abcd pattern trader, However I do understand the concepts but i am no expert on it.
which is why I wanted to point out this chart and hopefully someone with some expertise can give there hindsight.
Comments
EliteTrader101
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I haven't traded this for over a decade so it's interesting for me to analyse it with my current knowledge of market structure. Prices has to close below 202 on the daily for buyers to give up, otherwise prices will go higher
EliteTrader101
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It has moved 3 weeks in a row, daily had a high volume bar with the next day down so sellers have started to come in. Then during the past 2 days it went up higher to take out the stops of the early sellers plus it got some breakout buyers to come in and if today's volume is very low then most likely this is going to pull back next week. You may want to wait till monday to see if prices go above today's high to trap some longs or see if it just starts dropping right away to form a hanging man pattern on the daily
tradingformoney
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Thanks! hopefully this caught your eye to watch for the next week.
EliteTrader101
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too many things to trade, i'm not familiar with feeder anymore, but it was fun just to analyse it and see if it plays out as planned