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.

Comment:

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.

Comment:

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.