Was in long earlier in the week but could see smart money was going to load at lower prices so closed with small profit and re-entered 20 pips lower at 1.0460. This chart also illustrates the importance of the Gann 2 day swing chart rule for predicting prices. As you can see the counter trend lower happened right on the 50% and now the rejection of the C-D move...
After shorting EU from 1.0619 one the 2022/06/15 it was time to take profit and go long at 1.0480 taking 139 pip profit. We have a triple bottom on the weekly with a possible target of 200% of the range at 1.1283. But also noting 100% is also important to watch as we rejected that zone for three weeks.
Entered 05/05/22 but will offer more entries next week unless Fulcrum is broken.
Reason For Entry: Full Fulcrum was forming with low probability of breaking due to volume during the Fulcrum so risk was limited. You will note we have weekly lows at the same level for 2 consecutive weeks followed by a considerable rally.
After testing the 50% of the last swing on Friday, this week there should be a test of 1.0825 or the holding of the 50%. But nothing we can do except to wait for confirmation for a trigger or keep fooloeing this down from my entry at 1.1160.
This trade illustrates what you can achieve by not day trading and using a systematic mechanical trading method. Running weekly profit of 507 pips
During the week people saw a breakout of the highs but I saw a triple top as a top can be within a 1% range. Using this old charting method idenntifies distribution and accumulation of the banks and big market...
Both 0.5 % chart and 1% chart would need to touch 1780 to break support. (0.5% = $10 and 1% = $20).
Even with NFP 1780 could not be touched. If 1800 is touched next week then a test of 1830 (Planetary Cycles) will be major resistance. Refer to my below associated trade entered on Friday.
I thought I would share a trde that I started on Wednesday catching the daily swing low. From my analysis we should remain on trend on the weekly long term but have a pull back around 1850 when price meets resistance at the 2x1 of price and time angle and the 5/8 level of the weekly swing. This could also bring the weekly swing target of 1911 under jeopardy...
Sold Corrn at 596 which was 162.5% of the weekly ABC swing and confirmation to hold was given by Larry Williams Chaos Theory with confirmation of the first wise man. Risk is only 1c of corn so not a very risky trade.
Still short @ 1.1540 just before the breakoout, however a new swing has started so wee will be tageting P4 but watch out for a possible fail at the 1/2 or 5/8 area. The 5/8 area has an old low that could offer support around 1.1180. Anyway be safe and wish you the best in this upcoming trade.