Uncharted-FX
Long

Soybeans Fake out?

OANDA:SOYBNUSD   CFDs on Soybeans
Like what I am seeing here on Soybeans . We have a fake out indicated by the long wick at a very big support zone which can also be seen on the longer term charts.

This interests me because of the long downtrend with multiple waves we have been in. You can also say we have created a double top too. Waiting for a break of the lower high swing and also a flip zone at 8.51. Will provide more context and confluence for out trade.

Many will be inclined to stay away due to the US-China trade war. However, China NEEDS food. They have had their pig population decimated due to the flu and the government is subsidizing pork prices. They do have a food problem and even though tariffs may be implemented, China requires food. Brazil and Russia may be the agricultural winners here.

Comments

Really nice analysis and description of context. Sweet framing of the trade. Congratulations~!~
+1 Reply
@Bo, Thank you! Glad you enjoyed it!
Reply
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