I wanted to show the longer term view. Corn has been bullish but I have patiently been waiting to short at the large bearish bat/2618 trade set-up (linked below).
However if you zoom in you can see the potential buy set-up near the trendline based on 2 different bullish Bat patterns (yellow and pink). I will be watching price action near their completion points to choose which to take. I will move stops to B.E at TP1 of the pattern I choose and will likely choose to aim for the entry of the bearish Bat which would make a great long trade.
(Note: the bearish Cypher (blue) is only valid if the bat patterns do not complete!)
However if you zoom in you can see the potential buy set-up near the trendline based on 2 different bullish Bat patterns (yellow and pink). I will be watching price action near their completion points to choose which to take. I will move stops to B.E at TP1 of the pattern I choose and will likely choose to aim for the entry of the bearish Bat which would make a great long trade.
(Note: the bearish Cypher (blue) is only valid if the bat patterns do not complete!)
Note
Updated view...if corn makes another new low the small bearish Cypher (blue) will be invalid. I am happy to take either a bullish or bearish pattern and will wait to see which, if either, opportunity presents itself.
Note
Moved too fast didn't get to get in on the Cypher...now the bats are invalidated...will find some new pattern and post it here
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.