I like such set up since the price is playing with 450 daily MA and this could result in strong uptrend to .13459 or .14119 in this case. Be aware the YPP is above and this might stop the trend for a while.
Please do your own research and use SL or Hedge your positions.
Sugar has seen multiyear low at .09 USD in April 2020. Since then price has rallied and then paused for much of June and July. Price has now broken out of congestion and may now reestablish the next impulse up.
With all short term daily mav's aligned, the bias is long.
Enter - on next bar ( around .1260)
Target - between .1430 and .1570
Stop - below...
I had daily resistance drawn from higher timeframes in dark blue on the same level 200 MA is. Sugar bounced from the level validating it - that is when I drew azure resistance over the dark blue as it becomes valid on hourly too. Eventually, it pierced through, did a quick retest and now it came back again forming nice tradeable pinbar.
I open long.
Sugar futures is in double zigzag from last bottom and going up in C wave of Y wave in WXY cycle. W wave was subdivided in ABC zigzag, X was complex structure as wxy and Y is in ABC zigzag. A & B wave of Y were already over. In C wave 1st wave of over and it coming down in 2nd wave correction, which probably dip in nature, so buy with it with stops below...
Sugar futures is in 3rd wave of C wave up of Y cycle as ABC zigzag as mentioned in previous trade ideas. Stay long to ride 3rd wave. You can also enter in three wave pull back if missed the trade earlier.
POcas son las veces que analizo materias primas como el azúcar, pero las oportunidades están para aproceharlas. Nos encontramos enm un canal lateral a corto plazo. El objetivo es vender en el lugar adecuado para tener un SL ajustado y arriesgar un 1% de la cartera por operación.
Para ello esperaremos o bien que llegue a la parte alta del canal (que lo dudo mucho...
Sugar could retest a weekly support after a nice impulse.
According to Plancton's strategy, we can set a nice order
Follow the Shrimp 🦐
Here is the Plancton0618 technical analysis, please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of Plancton0618 strategy will trigger.