Cot commercials index increased and seasonality is pointing to higher prices
Entry as usual above prior days high and exit with trailing stop below prior days lows
If this will turn out to be a supertrend like on crude oil i will hold the position till price closes below 18 moving average.
A While back I did a post on EURUSD Showing probability of the big move down we’ve seen.
Here is the Link: www.tradingview.com
About 3/4 of the page down I posted another chart with support levels. I received a few questions where I could tell other traders were looking to buy at the first major support levels.
I asked this...
So the question is: can I simply go long on a weaker grain like corn, if there is a long setup on the most bullish grain (soybean oil) or should I wait for a close above the 18 MA for similar instruments?
In the end all grains move up, is there a benefit to also trade the "Weaker" grains?
I will analyze CORN next we to see if its profitable to get in later...
Soybean Oil and Palm oil Spread.
Soybean oil and palm oil dominate the marketplace and account for roughly 62% of the total world production of edible oils. Both are considered "substitute goods" because food processors often switch between the two ingredients as the prices fluctuate. Theoretically this should limit the variability in price spread...
We can see a clear pattern or 5 wave movement to the upside both in daily chart and in the sub wave of wave 5.
What come after 5 ?
Looking for evidence that top is in place and patiently waiting for my short sell setup to join the counter trend movement.