Unfortunately I was unable to post any ideas as I was in the middle of a move to Europe. 2 day swing chart turned down and therefore sold at the beginning of point C at 1,1820 and targeting 1,365 unless we get a fail here. Refer to chart for details of the 2 day swing move which never changed in trend, always indicated further lows. But who knows what will happen...
Looking for the next counter trend or point C as I call it as the daily trend has not changed yet. 240 offering a good opportunity as it created a confirmed double top plus the 62.5% or 5/8th of the circle was at the same level as the 4x1 angle from 15536 low giving strong resistance. You can play a low risk trade with stops at 1704 (here we are betting on that...
Looking for buys between 50% (weekly) and 200% of double top but wait for confirmation is recommended
Went long wheat at 498.25, nice to be long wheat here. Refer to the % based on previous swing, should we break the 50% then targeting the 100%
EU broke the two time and price balance points or 1x1 angles which now becomes major resistance. This is after a long distribution zone and crossing the breakaway point indicating lower prices are ahead. Should get a bounce from this angle but even the 240 has not confirmed a change in trend so it is likely to be retested next week
Sold July corn when volume increased over May Corn giving a triple top on the continuous contract. Turned out to be not a bad move, plus May failed to penetrate the 382 on the 240 chart indicating temporary support
Went long 375'3 last week and closed out position when failed to cross 392.5 high on the daily with a 12 point profit Now short at 387.125 but only temporarily as main trend is still pointing up. More needs to shorted if 384 is broken
Went long 375 after crossing swing high and holding above swing lows indicating higher prices. Question is if it can take out the old highs now?
Shorting smaller cycles within daily pivotal ranges (Jesse Livermore key)
First swing low broken by 3 cents or more so time to cover and go short until a swing high is broken again
Important to monitor the 2 day swing chart in conjunction with the daily trend chart to find import support and resistance points