Wheat Has Completed A Bearish Butterfly and AB=CD Pattern

I had an order set to short 1 pip above the current high of the day and didn't get picked up. I have since moved the order to the high as shown in the chart. Risk:Reward is pretty nice and looking left (further left than on this chart) there is some structure which supports this as a supply zone .

Wheat has been looking pretty bullish so it would probably be advisable to wait for a bearish signal on a lower time frame. Let me know what you think about Wheat!
Trade active: Could have kept my order where it was lol rabble. Let's see what happens from here.
Trade closed manually: I ended up closing the position at breakeven for the weeken just in case of any gaps. The price action has been rather bullish and I don't want to wind up being on the wrong side of that. If nothing like that occurs, I will be looking to re-enter based on the same idea.
Comment: I have placed an order to re-open my short at 448.50 stop loss 451.25 which didn't get picked up earlier (I was too late). The idea is still valid in my mind.
Still not in the trade -- will be watching to see if this Bullish Bat completes and I will cancel my short order and long
Trade closed: stop reached: This idea did not work out, unfortunately. Waiting for the next opportunity.
Arggg I should have had my stops higher! The stops for this AB=CD were a little higher than for the other. Oh well, still watching.


You are bearish on gold and the dollar? I understand you closed the trade on DXY, but I believe you referenced a potential short in gold earlier.
lord_kinbote lord_kinbote
Sorry! I posted this on the wrong trade idea!!
SharkbaitAl lord_kinbote
@lord_kinbote, No worries lol and thanks for commenting. Yes you are correct I do have an idea for both currently going on. The idea for me was to ideally be short the dollar and at TP1 I would take half profit and the rest has stops at breakeven (my stops are almost always moved to breakeven after moving equivalent to my risk so are already break). I was imagining that this take profit point may line up price and timewise with the entry point to the 2618 trade on the gold chart, and that I would then enter gold. Unfortunately my limit order to take profit on the dollar missed by 2 pips! and it did not work out exactly the way I wanted. I have actually decided I am going to go into the weekend flat and re-evaluate everything over the weekend. I am still studying and learning about trading and my plan is to begin my best to incorporate my knowledge of waves and these patterns to begin only taking the patterns with the best possible placement in my long term counts. It will be an interesting journey. I hope you will feel free anytime to comment and add your own insights or questions to my ideas in the future!
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