In this plan I am turning my attention again to the agricultural products and especially the wheat. We are going to try to extract profit on the long side. However, in the plan you can find and possible scenario on the short side as well.
You can check trade full fundamental and technical analyses in YouTube.
Harmonic pattern and nice place to buy - uptrend and small correction as you can see. Now we are looking for the best price to get in and I think that this is the right one. If price goes to 88.6% Fibo level it would be nice to enter in long position in that moment. Our Take Profit order is far away from that point....
I see it like this... small correction and uptrend will continue and we will follow. Prices will go up fundamentally and technical analysis will give us the best positions to enter. Like in this chart, on XABCD we can make two nice trades, as you can see.
I'd be looking for a second test in Phase B and then long this for many years. With extreme droughts predicted for the coming years, I'm expecting the price of wheat to rise in the long term. Load the truck at the $3.50-$3.70 mark and hold it for three to five years. Thanks for reading!
Hi there. Price is forming a continuation pattern to the downside. Wait for the price to hit the top of the pattern and watch strong price action for sell.
Don’t take a trade if you don’t see clearly when big guys are in.