Sugar - It may print an inverse H&S. Watch Heikin Ashi!

ICEUSA:SB1!   Sugar #11
113 2 5
We may have a good swing long entry point ard             12,00, which if triggered, can be sized up later on further signals, and can provide a nice risk reward.

- Ichimoku setup has been bearish since 2012! Price started drop from 25-26, so it is down by more than 50 %. From time to time we see nice multi week pull backs, but bears always resume selling and hit lower lows.
- The trend channel is obvious too. Stronger bearish supports are at 13,60 / 14,50 / 15,00. Just above 15,00 we could really talk about a strategic bullish reversal
- Heikin Ashi is counter bullish , a pull bac             has started three weeks ago, and so far its momentum is not really strong (meanwhile there was a front contract maturity as well, current contract is October delivery).

- Ichimoku setup has turned neutral from bearish . Price is shaded by future Kumo. Price moved above Kijun Sen, but turned lower from Kumo and retesting Kijun now whoch should act as support. We also have a weak bullish Tenkan/Kijun cross.
- Heikin Ashi started to show signs of consolidation at the Kumo 4-5 days ago, later enterred into pull back phase. So far there is no lower low today, and depending on the close haDelta/SMA3 may cross back up.
- If Price manages to hold above 11,85 for few more days, then we could have a high probability bullish pattern in form of an Inverse Head and Shoulders . Watch for Heikin Ashi buy signal: doji-like candle followed by a bullish one, or a sudden candle colour change at once. In both cases haDelta quantification will confirm with a move back above zero line!

1. Agressive traders may try to accumulate some longs here ard             Kijun Sen
2. Cautious traders need to wait for the pattern to develop or for a firm Heikin Ashi buy signal
3. Really conservative traders may even wait for a bullish Kumo breakout.

If the Inverse H&S pattern gets validation and Price also breaks above Kumo, the measured tgt             will be the 13,50-14,00 area.

p.s.: This year my trading in Sugar             was quite sh*t, so as always, check this idea in your own model too, use your risk and money managemetn system. Never follow anything blindly.
p.s.2.: I am already long
This inverse H&S did not work. Price broke back below possible or "expected" neckline. however it has still not printed a lower low. So from now I'd say go long only with a Kumo break above 12,35
Very interesting post again! It looks like support worked so far.
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