SOYBEAN - Back to support, now what?
Updated
This weekly chart reveilles what happened after price shoot up...80% to the centerline as we know.
Unfortunately it never gave us a chance to profit from this straight way up. The only potential, riskier entry would have be taking the test/retest at the up sloping A/R.
Price reached the centerline, bounced back down, did a textbook retest of the zoome centerline and fell off the cliff.
New chance to buy?
Well, at least we would have a tiny little structure (green block) which could act as support.
If you wanna be right, look to the left, my mentor always said. By doing this we can see where the real base where in 2007/2008. There we have a huge structure which to me on the longer timeframe is very important, as longterm traders respect and trade upon those mountains and valleys.
Extending it's base to the right, we see where price would land today...right in the zone of
a) the very old base
b) the support of the (green) block and
c) potentially down to the L-MLH of the orange fork
If ones intention is to play the big game, then he definitely would do himself a favor by being patient and observe what is going on from now.
P!
Unfortunately it never gave us a chance to profit from this straight way up. The only potential, riskier entry would have be taking the test/retest at the up sloping A/R.
Price reached the centerline, bounced back down, did a textbook retest of the zoome centerline and fell off the cliff.
New chance to buy?
Well, at least we would have a tiny little structure (green block) which could act as support.
If you wanna be right, look to the left, my mentor always said. By doing this we can see where the real base where in 2007/2008. There we have a huge structure which to me on the longer timeframe is very important, as longterm traders respect and trade upon those mountains and valleys.
Extending it's base to the right, we see where price would land today...right in the zone of
a) the very old base
b) the support of the (green) block and
c) potentially down to the L-MLH of the orange fork
If ones intention is to play the big game, then he definitely would do himself a favor by being patient and observe what is going on from now.
P!
Note
Time to do something.Thinking of RiskReversals, BullPutSpreads...
Note
going in the right direction - A/R support did it's job so far...really love this stuff :)Note
Gaining strength...let it ride.Note
Outside the white U-MLH.Respected the U-MLH of the blue one.
Meanwhile collecting Theta and look to open further some naked puts.
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