I suspect a trend-change coming soon and getting ready to long.
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29th I believe will be the day to back up the truck on this one.
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Correction: 31st.
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Its crushing sentiment well... That bodes well for the upcoming long position. I will calculate how long I will keep the position so I can buy call options that are fit for the fight.
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I will most likely enter into 3 month option duration.
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First position entered.
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Entered second position earlier today when it was up about 0.5 %. Now we are at the 31st where I expected the big trend-change to occur. And boom. Here we go!
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Now at lower resistance zone (red lower line). If it can get above that line and a weekly close above, its good. If it can get above both, it would be perfect (but perhaps a bit too much to ask this early). Let's see!
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We're in the middle of breakoutzone. Now we need to take out the second red line, and we're home free.
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Arrived at upper red line. Here it may be wise to book some profits and rather re-add after closing above. Better safe than sorry :)
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Re-added at lower line.
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Expect a STRONG Friday finish in wheat! Good luck!
End of August or first part of September low matches perfectly as lows in Grains are common is September.
(link: astrocycle.net/SC/GKX_D.png) astrocycle.net/SC/GKX_D.png
UnknownUnicorn540299
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@epalazzo, Nice finding E. Builds upon confirmation on what i see, which is good :)
dday1
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So How do you calculate accurate charts when rollovers push the price up $20......
actionbronfin
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What's the significance of the 29th?
UnknownUnicorn540299
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@actionbronfin, 270 degrees out of 360 has then passed since we last saw a big top :)
actionbronfin
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@viking83, So I take it you're expecting the past two days of gains/neutrality to continue to new lows next week? Are you following fundamentals or just price action, and additionally for the turn up are you anticipating a violent response back upward to form a V bottom, or sideways action for some period of time until the next rally later in the year?
UnknownUnicorn540299
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@actionbronfin, I dont follow fundamentals in soft commodities as most make little sense. I try to follow cycles and partly EW on the setups. And for the trend-changes and levels I have my methods where I can bet on that a trend-change may occur. I have no idea how the turn will be if it comes. Trading is not about guarantees, they are about probabilities.
bhsencer
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What do you buy for wheat... Symbol or if there is a leveraged ETF for wheat? Thanks.
UnknownUnicorn540299
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@bhsencer, Im planning on buying contract options on wheat. There is a ETV called WEAT that tracks wheat too.
fineregex
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@viking83, wheat is also diabetic and thus short on the long run even though not as much as sugar.
(link: astrocycle.net/SC/GKX_D.png) astrocycle.net/SC/GKX_D.png