WHEATUSD - Back to MAR '20 or 2014-2015 ?
Wheat has become one of my favourite commodities to trade after the 10:1 win to lose ratio of my positions for SEP '20.
Now I'm puzzled as to what to do next. The trend is clearly bullish but, we are approaching the strong resistance of $5.87-5.92 of MAR '20.
If we break this level then we will see higher prices. Maybe go back to the prices of 2014-2015 where price was ~$7.00 ? Who knows.
On the Montly Time Frame (MTF) the Fib 0.382 is around the price of $5.44 which in my opinion is the next target before price continues higher.
The Commitment of Traders (COT) outlook for non-commercial investors remains stable between SEP 22 and SEP 29 with net LONG positions 26221 and 26358 respectively.
So no indications for surprises expected from there too.
In any case I already openned a small sell position to the support level and I'm prepared to open more in steps as I see the correction comming before price continues to higher levels.
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 a better trader.
Now I'm puzzled as to what to do next. The trend is clearly bullish but, we are approaching the strong resistance of $5.87-5.92 of MAR '20.
If we break this level then we will see higher prices. Maybe go back to the prices of 2014-2015 where price was ~$7.00 ? Who knows.
On the Montly Time Frame (MTF) the Fib 0.382 is around the price of $5.44 which in my opinion is the next target before price continues higher.
The Commitment of Traders (COT) outlook for non-commercial investors remains stable between SEP 22 and SEP 29 with net LONG positions 26221 and 26358 respectively.
So no indications for surprises expected from there too.
In any case I already openned a small sell position to the support level and I'm prepared to open more in steps as I see the correction comming before price continues to higher levels.
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 a better trader.
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