So the best way to trade a new pair is just to jump into it with reasonable risk. Price is dropping but let's see what happens over the next few days. Should price show rejection, it'd be a good idea to go long.
The price reversed the previous bullish sentiment on 1D and is currently neutral (RSI = 48.853, ADX = 28.377, Highs/Lows = 0.0000). The next long term direction should come after a lower test of (at least) the 0.500 Fibonacci retracement level. With 4H already on Lower Highs (Highs/Lows = -0.0750, B/BP = -1.5520) we have a TP = 8.637.
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Key level: 1082’4
Soybean market has been in sleeping mode since JULY 2018.
Uptrend sideways movement that clearly develop into triangle pattern add support to our wave count that soybean are currently in wave (4) phase.
By using Elliott rule of “WAVE 4 never enters the price territory of wave 1 and 2”, we can establish a strong invalidation level of 1082’4...
DANIEL BRUNO, CMT
I HAVE NOT EVEN LOOKED AT A SOYBEAN CHART IN 13 YEARS
PRICES HAVE RETRACED CONSIDERABLE SINCE THE HUGE RUN UP C. 2007
MONTHLY AND WEEKLY TIME FRAMES ARE BEARISH, HUGE RED ENGULFING IS LAST CANDLE
I have noticed agriculture volumes were soaring recently, maybe I am out of touch but those are the numbers I had in mind before:
Soybeans (5B), Corn (2B), Wheat (1B), Cotton (900M), Coffee (600M), Sugar (500M), Cocoa (300M)
And now they are 2 to 5 times higher, what's up? ==> Soybean Futures 10-15 Billion, Corn futures 10-15 Billion, Wheat 4-5 Billion. Those are...
Today I am looking at SX2019. This chart looks awful similar to a rising wedge continuation pattern. With the export problem, and the amount of beans we have in the U.S., I wouldn't doubt this is possible. This idea is for chart pattern purposes only. Lets see where it goes.
Everything here is purely my opinion, and in no way advice or recommendations on making...
Hi there. Price is forming a continuation pattern to the upside. Currently price has completed the B wave, now we are expecting that price forms the C wave to complete the pattern.
So, wait for the price to hit the bottom of the pattern and watch strong price action for buy.
Hi there. Price is forming a continuation pattern to the upside. Wait for the price to complete the pattern and watch strong price action for sell. On bigger time frame, price is forming a continuation pattern to the upside. Wait for the price to hit the bottom of the pattern and watch strong price action for buy.
The soybean market is moving in a gradual uptrend and forming a channel. However, there is an opportunity for a short position because of a bearish flag pattern forming and the fact that the price is nearing the channel resistance. Also, the price could form a double top pattern as suggested by the red rectangle forming a horizontal resistance zone.
Soybeans recently broke out to a new high and managed to spend some time above the 9.00 mark before the 200 day moving average and the top of an ascending channel forced price back down. It is now stalled at confluence fibonacci support and a parallel of the lower trendline of the ascending channel, with the bottom of the...