Taking a long sugar trade. Grains, in general, are well bid and DBA is another class you should look into. The fundamentals are backing up the technicals here. Key reasons for this trade:
1. Chikou is above price on daily.
2. Daily Kumo and kijun provided support on price pullback and today was a sharp reversal day.
3. Weekly macd is crossing up and Price...
Wyckoff accumulation appears to have finished. Coiling up just above resistance and would put it late in phase D. Phase E should begin soon! Also, there's bullish divergence on the monthly chart (not shown) too. Buy and hold this one for a while guys :)
Sugar Buy Idea @ Daily Demand Zone (11.17 - 10.46)
Buy Limit: 11.19
Stop Loss: 10.43
Take Profit: 12.91
Risk Management = 0.01/$100
Recommended Leverage not to exceed 1:50
Recommended Risk Ratio 1:1.5 – 1:3
Close partially the contract once it reaches 50% of profit, Move stop loss over the entry level
Close partially the contract once it reaches 80% of the profit
After a huge sell-off it is time for the sugar to shine. We have a big 1 week candle and huge 1 month candle so far. But as it grew so fast and furious it needs to calm down a bit. I am proposing a trade based on RSI and closing top of the channel and 13$ . In the upcoming week we will move in the area of 12-13 $.
Short: 12.7 - 13 area (I have opened a short,...