Kumowizard
Long

CORN - Bullish Kumo break, stay long!

CBOT:ZC1!   CORN FUTURES - ECBT
86 3 1
Daily: The idea of a possible reversal proved to be true, the positive MACD divergence finally materialised in bullish Price action. I started to buy when I saw trend break, Slow Stovh cross and MACD cross was happening together. I increased after the Kijun retest ended in a bullish refusal (13/October), and I tend to buy each and every dip on the way down to the key supp/res at 352. Corn             is about t make a Bullish Kumo Breakout, which can determine the mood for some medium/longer time.

Weekly: Wedge break took place with MACD bullish cross. This also made a huge MACD positive divergence. Weekly Kijun at 421 and trendline ard 435 in focus now. Senkou B means weekly equilibrium Price is at 420 too. We'll see what's next if we get there. "Expect the unexpectable!" and ride the trend
timwest PRO
2 years ago
It looks like you are suggesting that a drop back to $344-$337 would be the right shoulder and a place to expect a bottom. If the price is at $368, do you suggest "stay long" through a correction to $344-$337, $0.24-$0.31 cents? That's a big drop.
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Kumowizard PRO timwest
2 years ago
Well that's why I put that question mark there. This is just one possibility. Obviously we can not be sure if it forms a H&S or shoots straight up from here. H&S can be formed on higher base as well, I'd rather expect it to happen somewhere in 348-354 range. A break below 338 would cut my longs as that comes below Kijun Sen (26 days avg) - buffer.
Honestly, I rather trade the Ichimoku concept of relative changes between price and averages, or trend breaks with MACD confirmation, than price patterns.
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Kumowizard PRO Kumowizard
2 years ago
Yes, my Risk and Money Management built into this trend following system is like that. I do not get out of any positions until I see exhaustion of the trend, or signs of reversal. Sometimes it wipes out all my profits, but those few times when it works, I stay with the trend as long as possible, and at the end when I close it I do not mind if I missed or suffered pull backs, swings. Of course it is often painful to watch eroding profits, especially when other positions get stopped or suffer too.

You know the interesting thing is that with commodities I am able to trade rather as a real trend follower, on FX I am quite often doing swing trades, or counter trend trades on lower time frames.
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