7pasos

Possible Corn Buy

Long
CBOT:ZC1!   Corn Futures
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1
In a long term up trend we have a fail to break support , a break out of a shorter time frame's trend line , and a pullback (deep one, which is consistent with the idea of new starting trend) Besides we can see divergence in the pullback from the last long term upside movement.
So, I suggest to start a buy if price closes 1% above the most recent resistance zone around 710 with a 1 to 1.49 risk reward ratio.
As this could be the beginning of a new trend instead of take all the profit at the target of the 745 would be better just to take 2/3 and leave 1/3 run with the stop loss at break even (or at its original point if you feel more pro-adventure) to see how high it could get. The break above the elliott base channel would be a nice indicator that the upside impulse is more probable.

Comments

If you still in, place your stop at break even!
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If you want to take part of the position if close below 730 i think it wont be bad idea, the rest put the stop at break even
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Great! a new high if you want may place your stop at the last support 706.3
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Not sure about corn, looks more a sell to me,,,
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7pasos LEONES
I think if you zoom out to see since mid 2009, will find not so strange the idea of look for the end of the downside movement and the re-start of the uptrend again.
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