WHEAT W1 LONG TRENDThe situation with the corono virus has forced many countries to quarantine. The situation in the world is very tense and it is not known when it will all end. The population of the planet, realizing their participation in the near future, decided to replenish their food supplies well, which led to a huge stir and led to a huge shortage of some goods. We saw a lot of videos where people fight for products. This situation creates problems for the food sector, including wheat, which produces a large number of products. It must be remembered that the sowing season will begin soon, which will further increase the hype around the grain. Given the fact that the quarantine period may last, it can be assumed that this is a very long transaction. Wheat to buy !!!
WHEAT trade ideas
Long Wheat Grains!The analysis for this trade was done on the monthly. Since Aug 2016 the cereal has been on an upward trajectory creating higher highs and higher lows consistently.The Nov 2019 candle broke out of the yellow zone which had been a resistance area since Oct 2018 and we seem to be testing this zone as support. Entry was done on H4 after the structure change was confirmed by the strong bulls from the yellow zone
Entry: 2 small positions @ 5.222
SL : 5.124
TP1 : 5.408 (RR-1.98)
TP2 : 5.518 (RR 2.91)
Risk management is key. . .
bearish breakout on Wheat, D1As you can see on the chart, it looks like we have seen a bearish breakout constellation. Over half a year we were in a bullish upside trend, which now got broken by price. First T/P should be around a 0.6 fib level.
This is a long term trade idea, so let price run and see if it works out.
Remember, trading is a business of probability.
Wheat Reversal Pattern FormingA simple idea. Wheat is showing a head and shoulders reversal pattern. On the daily, we did break out but that has not been sustained.
We can see fake out patterns on both the daily chart and the 4 hour chart.
Here on the 4 hour, we are awaiting a break of the neckline. This would also confirm our first lower high swing (the right shoulder of the pattern).
First target would be the flip/demand zone in blue.
For now, we await the break.
Wheat down to $5.70 and then up to $5.81, Long Term BullI am long term bullish but I see a nice test of the trend line which may act as resistance. Potentially a drop just below to grab a little liquidity and then a continuation move to the higher side back to $5.81. I am seeing the 4hr macd dropping and RSI within range to drop more.
This is my first wheat chart, dont get too excited.
This is not trading advice.
SAAAA-WHEAT!Bullish on Wheat.
No other reason than the chart (and a general understanding that global warming is going to kill our planet and make it hard to grow plants?). Regardless, here's how I plan to profit off our civilization's demise:
Entered at $5.30 (it was early, I know)
We broke out now, and we're looking for a cup and handle target #1, and then a fib level PT #2.
Looking for a 19% move, leveraged at 12x, so we're looking like I just might be able to afford my nuclear bunker and dehydrated packets!
Til death do us part,
TMoneyBidness