Two down bars at a top with a price gap below $16 makes me think a third down bar will happen. SUgar market opens tonight around midnight PDT (CALIF) so I will have to set my alarm.......
A sell stop below last weeks low and a buy stop if the price initially falls below last weeks close. In each case if the stop order is filled, I am expecting continuation in that direction.
If buying is exhausted for now and profit takers and shorts push the price down this trade could pick up 20-30 points profit overnight.
Markets are oversold. VLCCF is at a channel bottom. The fib line is 2 points away.
BUY STOP at 4076 hoping for a 3-4 point push higher.
MACD just crossed and RSI is moving back up. Price looks like it wants to test the underside of the 200MA.
50 ma IS WAY ABOVE 200 ma AND PRICE HAS STALLED AT 200 ma LEAVING ME TO BELIEVE THAT THIS MOVE IS A POP-DOWN TO BE FOLLOWED BY A RETRACEMENT BACK UP. RSI IS SHOWING WAY OVERSOLD. FOR THIS ONE RISK REWARD LOOKS GOOD TO ME. I WILL PLACE A BUY STOP JUST ABOVE FRIDAY'S HIGH.
I think the market may rebound if the weekend proves uneventful news-wise. This type of trade requires me to risk $200 to make $200 or more.
Sugar looks like it is oversold and will reverse back up.
If price tests support at the cloud I will go long there.
Sugar moves well and rather slowly yet on the daily time frame it looks very promising to me as it works well with simple MACD signals. This simple backtest shows some of the profits to be made.
A pullback seems to be underway towards the 50% FIB retracement level about 100 pips away from current levels.
I will go long on pullback to 1.3920 and I might also place a breakout buy stop a few pips above of Friday's candle. Resistance is at 61.8% FIB.
A pullback to the moving averages or a continuation of the sell-off? If, instead, a sideways consolidation, I am setting buy and sell stops above and below the high and low of Friday's price action.
For 8 weeks GBPUSD has traded predictably. Here is my strategy for next week.