Soybeans have been on a tear for over a month now. Apparently weather is to blame around the world. Too much rain in some countries and too little rain in others. China has just released tons of Soybean from their reserve supplies to help fill the growing gap.
Word is it's going to be Mid March at least before there could be any relief. By then, I believe my Alligator Indicator will almost be up there in my Sell Area of 1520.
Note the second wise man circle a few weeks back?? Usually, BUT NOT ALWAYS, indicates a possible sign of price reversal?? This is one of those times where price did not reverse and price just kept on going up. This is why we must trade with our 5 rules, always using good money management.
I will keep you updated - I'm hoping once price starts to fall, it will fall heavily so we can make some good money :-)
@HEIKOTradingSystem yes, please keep us updated. I'm a producer. There are strong fundamental reasons behind this very strong bull that's been tearing upward as you said.
I'm confident in higher soybean prices come spring, with a continued longer term bull, (aiming for 18.40ish) but we're definitely overdue for a healthy, and probably notable, correction. I'm very interested in how soon you think we could put in this intermediate high. We've gotta be close. In grains, when we shoot straight up like this parabolic, and the funds are this long, we always, always end up putting in notable highs very soon after.
HEIKOTradingSystem
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@farmerisland, Thank you very much for your comment, I appreciate it, especially as you are a producer - always interested in what you have to say as your ear is so close to the ground :-)
I wasn't expecting higher prices in spring so thank you. I will make sure I watch closely in case of a whipsaw - I don't want to get caught in a sell order with prices going up over 18.
Take care and stay safe.
Heiko
Stribogius
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Agreed on this. I am in already with a small short position I can hold for a long time if needed. I expect a big reversal in a month, probably less. Though I have to admit the growth on 16th Feb suprised me a little.. I believed it was falling already.
HEIKOTradingSystem
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@Stribogius, Agreed, pretty crazy advance but it does look like it's coming down a little....will keep monitoring it. Let's hope for both of us price crashes in March :-) Thanks for commenting and stay safe. Heiko
I'm confident in higher soybean prices come spring, with a continued longer term bull, (aiming for 18.40ish) but we're definitely overdue for a healthy, and probably notable, correction. I'm very interested in how soon you think we could put in this intermediate high. We've gotta be close. In grains, when we shoot straight up like this parabolic, and the funds are this long, we always, always end up putting in notable highs very soon after.