Corn - bullish kumo breakout and trend reversal confirmed
After some consolidation period, price broke out of the cloud on daily chart. Bears tried to get the control back twice last week, pushing price back from 450 critical resistence. However with friday's candle close, the trend reversal and daily bullish Kumo breakout strategy got confirmed: Chikou span (lagging line) broke out of the cloud too. So to sum it up:
price trades above cloud, Tenkan Sen and Kijun Sen
Tenkan is above Kijun
Chikou is above price and cloud and is in open space ahead
Future kumo is bullish and rising.
For those who are not familiar with Ichimoku strategies, the above is the basic and most reliable Ichimoku trading setup, with the highest probability that one can follow.
On the lower, 4 hrs time frame we saw price consolidation for the last few days, with some chance for a counter trend move, however 4 hrs chart confirmed too, that bulls are likely to take longer control. (unfortunately here I could not set up the 4 hrs time frame as it is not supported for corn).
Normally I do not recommend or push any trade ideas or position taking to anybody, but I'd like to share my view about high probability trades, and I can also tell how I have played e.g. this one.
Anyway this reading is really bullish. So are most of the products already in agri space btw.
May you have any questions or ideas, please feel free to comment. I am happy to discuss.
price trades above cloud, Tenkan Sen and Kijun Sen
Tenkan is above Kijun
Chikou is above price and cloud and is in open space ahead
Future kumo is bullish and rising.
For those who are not familiar with Ichimoku strategies, the above is the basic and most reliable Ichimoku trading setup, with the highest probability that one can follow.
On the lower, 4 hrs time frame we saw price consolidation for the last few days, with some chance for a counter trend move, however 4 hrs chart confirmed too, that bulls are likely to take longer control. (unfortunately here I could not set up the 4 hrs time frame as it is not supported for corn).
Normally I do not recommend or push any trade ideas or position taking to anybody, but I'd like to share my view about high probability trades, and I can also tell how I have played e.g. this one.
Anyway this reading is really bullish. So are most of the products already in agri space btw.
May you have any questions or ideas, please feel free to comment. I am happy to discuss.