Wheat futures rallied last week as it was expected. Congrats on your profits! Wheat is one of my favorite instruments. It follows setups very well. Many traders focus on more volatile instruments. But that is wrong. As traders, we have to be focused on a less speculative instrument that gives a better risk/reward ratio. I believe the price will retest recent highs...
ZW REACHED A STRONG RESISTANCE, I EXPECT IT TO GO DOWN IN THE NEXT WEEK. YOUR THOUGHTS?
Volumes tell about FOMO, culminating style. I expect at least pull back
Based on COT reports commercials are long wheat. They are correct 98%. It may take time to form a buy signal. But with that in mind, we look for buy signals - whatever happens first - break out of daily resistance - lower high + oversold oscillator - divergence (I use RSI and OBV)
Chart going to look like inverted head and shoulders.
Price has reached a target zone, so there may be a short term corrective move up to some sweet spots where the daily short trend may resume. Targets are indicated in magenta, short trend is valid until price closes above the green zone on the daily.
New trade displayed by our strategy, very clean trends on Wheat using our strategy so lets see how this plays out with a 1:4 RR based on ATR. Thanks Darren
Went production domestic is down 20% for the year. Great technicals and fundamentals. As they say its hard to find the needle in the hay stack and feel this one is great risk reward for the gambler! Let me know your thoughts!
View On WHEAT (20 JUNE 2020) Expecting every call/trade analysis to be correct? If you do, you might very well belong to the group that believes unicorns are real. The previous bullish call didn't work out and it is diving lower for now. It may find some footing near $4.7 region with some decent bullish candle. Alternatively, you can take a look at CORN...
I expect a retest of the breakout level then bounce, or I just proceed up to the target