Wow...this is going slow. We mentioned that this could chop until harvest begins. Smells like this happening. If it chops for another week we will cover our position and wait.
GC is getting close. We are watching for an entry. If we get the entry we will look for a test of the most recent low.
We've received a few emails about the most recent move in GC and why we "didn't see it". We saw it but that is a small break inside of a much larger pattern. This trade is not in our trade plan and we choose to look for larger opportunities. Consult your weekly chart...it tells a better story of GC. If this continues to break we will look for entries but for...
The J6 has broken down...but is this yet another head fake? We are not in this trade and choose to sit on the side lines. If you look at the weekly chart we are technically not out of the woods. We will watch for any reversals back into the chop...they could present a retest of the upper channel. For now we watch.
Corn is holding on and it's now go or no go. Corn could start to go sideways until harvest begins. We are watching this very closely. We are still long and will stop out with a close in the descending wedge.
The Euro blew through our support watch area. LESSON: This is why we look at lower time frames for entries. If you are blindly trying to enter on support/resistance your account will get ripped. With the Euro zone weakening we will stand on the sidelines until the market firms up or we see a nice pullback. Be patient...the Euro will give us opportunity.
No bounce for crude so it will go on the watch list. The next area of support is the 91.50 - 92.25 area. Don't try to catch a falling knife. Crude can rip your head off and drain your account if your not careful. Wait for the knife to stick in the ground. We will watch the next support area.
Corn still acting well. Back to the break out area is normal. If it breaks down from here we will most likely see more downside. A bounce from here should test the most recent swing highs.
The break down begins. We will look for the knife to stick in the ground around the 1.33 area before considering anything long. Stay tuned.
This is one of our favorite patterns. It usually suckers people into believing we will see more downside. The larger players will usually dip below the wedge and get new shorts stuck and then squeeze them. (similar to Corn recently) If they break it to the upside we should see a quick move due to weak shorts being stopped. This is high on our watch list.
Corn is still acting well. We were able to take off half our position this AM. We didn't quite hit our first target at the gap fill but captured some decent profits. IF price closes inside the descending wedge we will be out for a small loss and will look for another set up. Stay tuned!
She keeps winding. No position but watching closely
We are trying to hold that trend line on some early sell off this AM. We will be a buyer above the 97.20 area. We will look to a 60 Min chart to enter and define our stops. Our first target is 99.00.
As we mentioned...there isn't a lot to do with Gold (GC). It getting close so we are keeping a close eye on this for a big break. No position at this time.
Flip a quarter...it's getting whippy in the middle which means we are getting close to a direction. We are keeping a close eye on this for a big break. No position at this time.
We are back inside the weekly trendline. This is a major line and I expect some fighting in here before we get a definitive direction. If you are long from support keep stops tight. Targets would be 99.00 - 99.75 area. FYI...if you are trading the SEP contract you should roll into OCT on Monday. We do not have a position...we missed it (Bummer). Have a...
Corn is working well. As an FYI this (ZC1!) is the continuous contract and is priced a little different than the DEC contract. However, the patterns are still the same and they are both working well. We are still long and looking for the gap fill (on continuous contract). We could see some sideways to down movement over the next few days before we start to...
Keep the Euro on your radar screen. It's consolidating and will most likely move soon. She's come a long way so another move down could result in a snap back rally. If she breaks to the upside first look for a re-test of the break down lows.