The main view of this trade idea is on the 2-Hour Chart. Soybean Oil (SOYUSD) hit some resistance around the 6315 price level and declined towards 5845 where the commodity found support. SOYUSD is rallying to re test 6315 resistance. Expectations are for the commodity to breakout higher and target 6700. Failure of this move would occur if SOYUSD...
comments on the chart. Please note a proper technical double top pattern is only confirmed when the 4100 area is broken to the downside. But we are speculators and if you, like me, have another reason to test this then go for it otherwise wait for the break
SOYUSD overall in uptrend, looks bullish, waiting for retracement to the marked area and when it gets there pick up some longs as bulls come into the market. SL ideally below swing low. It bounced off 10.7/10.8 tops previously so do not be too gready with targets rather bank sth than end up with a loss.
With all the hype about volatile cryptos, sky rocketing indices and fluctuating currencies, the world has forgotten about something that feeds us all.
Certainly, when there is no shortage, why to bother, right? Human nature... A lot of people like fried food, well guess where some of that oil comes from?
From the fundamental side, if inflation starts hitting...
I was inspired by a friend who was asking me about the soybean. I don't trade this commodity but it was worth looking at now.
See how the price reacted nicely to the Bullish Bat at around 9.17, and now I see a potential Bearish Bat to short at around 10.23
It just goes to show that as long as the financial instrument is liquid enough, there will be Harmonic...
Soybeans is one of my favorite products to trade because of it just keeps on trending & always has reliable great setups!
Just wait for the breakout on the 4 hour & the pullback ! simple
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To the left we can see an impulse! now are in an correction. All you have to do to get in this trade is WAIT!, If it breaks don't rush into the trade just wait for the pullback it's the safe way to trade these setups. After the pullback occurs we simply wait for a close over the 10EMA then go! Simply & Easy