Wheat - S(h)ort the wheat from chaff
Wheat today broke the support level mentioned as DECISION LEVEL on previous published idea (pls see below for link).
As seen on the 4h time frame above, it also just broke the 38.2% Fib level from the weekly time frame of the last impulse.
The trend remains bearhish (MACD confirms the shift) and the weekly resistance now shifted around the $5.34-5.35 level.
I'm monitoring price to see if it makes the pullback (expected, the light blue arrows) and then depending on how and if it does the pullback, I consider taking a nice short position.
The position I look for should give 140+ pip profit to the next support level of ~$5.16.
Note: I'm no trading expert nor have the ambition to become one! The above is just an idea that I share with the intention of attracting comments and perhaps become better at trading commodities.
As seen on the 4h time frame above, it also just broke the 38.2% Fib level from the weekly time frame of the last impulse.
The trend remains bearhish (MACD confirms the shift) and the weekly resistance now shifted around the $5.34-5.35 level.
I'm monitoring price to see if it makes the pullback (expected, the light blue arrows) and then depending on how and if it does the pullback, I consider taking a nice short position.
The position I look for should give 140+ pip profit to the next support level of ~$5.16.
Note: I'm no trading expert nor have the ambition to become one! The above is just an idea that I share with the intention of attracting comments and perhaps become better at trading commodities.
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