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CORN

Corn Futures Breaking Year Long Resistance LevelI believe this is my first post about Corn Futures, so let's see how this goes! Daily charts so that corn futures are trading within a channel, with resistance being the 50 MA and the support line being the 200 MA and the price support level of 356. Corn Futures shot up today above both the 50 MA and the resistance portion of the channel in which they were trading. That price resistance level of 370 goes back into the start of 2016 and has carried with force except for last April when Corn Futures shot past it and ballooned up to 440. The reason I like using TA is that you can easily see the human nature of the markets. Being irrational beings, we influence markets without even thinking. Most of the TA that I do is based on the overlying assumption that it is a self fulfilling prophecy, where it matters only because other investors and traders think it matters. Regardless, there could be a play here. Am I suggesting that Corn Futures will rise into the 400s again? No. I have no idea where corn futures will go. I'm trying to give myself the best probability of being on the right side of the trend. The setup I would use to play this bullish trade would be to enter right above the 50 MA breakout. I would put my stop at 365.4, which is just below the 50 MA. To me, this makes sense because any move lower than that would discredit my bullish hypothesis. With the stop loss at 365.4 I would begin to take profits at the 390 level. This gives me a risk reward ratio of 3:1. All the best, RC
QLong
by BrandonBeylo
Buying Corn @ the Bat @ Trendline; Aiming for the Bearish BatI 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!)
OANDA:CORNUSDLong
by SharkbaitAl
CBoT corn dailyThe daily MAY17 chart shows that price has been under influence of a solid horizontal resistance line at around the 375 level since October 2016. Price managed to break same resistance on February 7 from where price traded up to 385 until price made a reverse and started trading down towards same 375 level which now serves as support. During the last 2 sessions of last week price actually pierced through same supportive value. However, the green triangle that has been put into chart represents a strong supportive zone which comes from the horizontal trend line at around the 375 level and the ascending trend line which represents the lower boundary of the ascending price channel. Friday’s candle in the shape of a so-called ‘Hammer’ suggests that the end of the decline of the past 6 sessions is now imminent and that price will find a bottom here. We will allow price one or two more down sessions towards the 363 level before we will consider an alternative short term outlook for this price.
CBOT:ZCK2017Long
by Remko
CBoT corn weeklyThe weekly continuation chart shows a very solid bottom at around 320 and an equally very solid top at around 440. Price has been trading sideways between these values since June 2014 and these values are relevant for us to keep in our minds. From August 2016 on price gradually moved higher from its solid long term supportive level, gradually making higher highs and higher lows. Within the 320/440 trading range there is a trending ascending channel that starts in August 2016 at 320 and gradually moves up. The ascending resistance of this trending price channel is at around 395 for the coming week and its ascending support is at 360 for the coming week. These supportive and resistance lines are to be kept in mind when looking at the price for the medium/long term. Until proven the contrary we have to assume that price will continue developing within this ascending price channel. Price could well make one more move down for the week to come but we keep our target at the upper boundaries of the ascending channel.
CBOT:ZC1!Long
by Remko