Check my related idea. Daily cycles that fuelled the recent move top somewhere around the 22nd of January and the longer term cycle is down till late February. All upside price targets have been reached and it's time to take profit and consider short. To see real weakness wheat has to close below 650.
📌 @ridethepig ZW1! Market Commentary 17.12.2020
For buyers the breakout creates the typical starting point, one we have seen many many times before. The fact it is happening on the monthly chart is very telling, this is threatening to impulsive explode to the topside via shortages on the supply side from lockdowns and contractions in globalisation.
My Trading Strategy is scall the Setup. This is the Setup 1 entry method ... Just wanted to highlght the most recent setup formed on WHEAT Futures Contract. IT's now hit the Target level that I like to call TZ1.
I used to trade the Commodities Futures back in 2009 and made some good money. Don't know why I stopped? Perhaps the FOREX volatility had my attention...
Reading chart is always backwards and forward looking in a sense. There will always be (except IPO stocks) historical patterns on different time frame to give you ideas where the price is heading.
In this case, it is quite clear where the support and resistance is. Once you identified it, you can then map it across the longer time frame like Day and week to know...
"As it is not one swallow or a fine day that makes a spring, so it is not one day or a short time that makes a man blessed and happy."
We lived in a fast paced society and the silly need to compare with what others have have become an obsession to many! We compare cars, houses, enrichment programs and even the stocks we buy. It seems that we are living in...
It is the beginning of the year and this is the time when you are likely to see membership in gyms, yoga, fitness centres pick up.
We are all living our lives in separate rooms and also in a big room. Let me explain. You see, when you go to work and if you do enjoy your work, then you derive not only financial compensation but you also gain friendship, teamwork,...
On Weekly chart, the engulfing candle the week before seems to be an up-turn again.
I will be watching WHEAT closer in this week.
there is a strong resistance between 620 - 630.
Pay attention here.
If breaks, 700-720 is short/mid- term target.
( this is my personal view and not a trading advise. )