Soybeans Bullish Gartley and My Short Term View
Please keep in mind when reading all of my charts I am still a novice and have very much to learn! But I still enjoy sharing my thoughts and interacting with the community, so here it is:
The trend seems to be up so I like looking for a buy. The bullish Gartley completes at 10.437. This may be located on the trendline depending on when it completes, but seems it will be a zone of support. Stop losses for this trade would be below the dashed red line around 10.374. Targets would be the .382 (breakeven and half position) and .618 (rest of position or trail stop loss) and aim for the top of the structure (green zone is an approximation). Should price come to the completion point of the pattern I will also check my indicators but as it looks now I believe I will take this trade.
Note that a strong rise may form a bearish AB=CD patterns 10.85. I have linked an idea regarding this trade below.
Please let me know what you think of this idea and share your views on Soybeans with me. If you have any constructive criticism I am certainly open to that too as I know I have a lot to learn. Cheers!
The trend seems to be up so I like looking for a buy. The bullish Gartley completes at 10.437. This may be located on the trendline depending on when it completes, but seems it will be a zone of support. Stop losses for this trade would be below the dashed red line around 10.374. Targets would be the .382 (breakeven and half position) and .618 (rest of position or trail stop loss) and aim for the top of the structure (green zone is an approximation). Should price come to the completion point of the pattern I will also check my indicators but as it looks now I believe I will take this trade.
Note that a strong rise may form a bearish AB=CD patterns 10.85. I have linked an idea regarding this trade below.
Please let me know what you think of this idea and share your views on Soybeans with me. If you have any constructive criticism I am certainly open to that too as I know I have a lot to learn. Cheers!
Trade closed: stop reached:
Second half of position was taken out at breakeven which is nice because it reached my original stop by 5 pips before heading back up. Closing this idea and will wait for the next opportunity.
Order placed overnight and reached TP1. Balance of trade is risk-free.