Sugar is respecting an important area, and after holding the support area of 19's I expect a travel to the 24 level. First stop at TP 1 21, TP 2 22 and TP3 24.
High risk-reward option for this trade.
Good luck
Back in April 2021, I said sugar was sweet! It had a phenomenal run since. However, that has now come to an end. After breaking a rising wedge. Sugar bulls should use this recent pop to take profits and lock in the profits.
AUD/JPY Long
• If price pushes down to and ideally just below our area of value, then regardless of how it does so I'll be waiting for a subsequent impulse back up on the one hour chart followed by a tight two touch fifteen minute flag and then I'll filter the latter on the five minute chart and be looking to get long with either a risk entry within it if the...
Based on price action, sentiment and several indicators, a good SHORT opportunity is building here.
Sugar is in its 5th wave. ABC correction afterwards.
NFA.
📈 What is a Rising Wedge? The Rising Wedge is a bearish chart pattern characterized by two converging trendlines, with the lower trendline sloping upward more than the upper trendline. It typically signals a potential bearish reversal, with the price likely to break downward after the wedge pattern.
📈 How to Identify:
Draw a trendline connecting at least two lower...
Sugar due for a bearish reversion to the mean. Disciplined use of a stop loss above previous pivot high as it represents a long term high price which, if broken, could see a strong bullish breakout.
Brief explanations of my trading idea:
1️⃣ Sugar is in an upward long-term trend, working only in long is a priority - since March 2020, the price of sugar has already increased by a little more than 100%, by 2024 it will already be about 270%, that is, compared to March 2020 - until 2024 of the year sugar will rise in price almost x3.5 😱
2️⃣ In the first...
EUR/CAD Long
• If price pushes down to and ideally just below our area of value, then regardless of how it does so I'll be waiting for a convincing impulse back up followed by a tight flag and then I'll be looking to get long with either a reduced risk entry on the break of the flag or a risk entry within it.
• If my entry requirements are not met then I will...
This has been a Years Long trade and Sugar is nearly there at the 88.6% target, but I do think since we spent some time testing the B point as support that it has potential for pushing all the way to the 1.13 Extension to complete a Full ABCD, so I will be opening up another bullish position on the CANE ETF from here and targeting higher levels.
