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...
Wheat reached the resistance and holded after breaking the trendline mentioned in previous comment (see below). I'm expecting it to drop at first to the Fib 0.382 lvl marked in the white dotted line. From there on we will see. If it drops further then we are heading to the support of ~$5.45. I actually took the selling idea mentioned in the chart as I was...
Wheat is once again at a critical point in my opinion. The trend on the 4h time frame (TF) is strongly bearish for the past week. However on the weekly TF is bullish showing higher highs and higher lows. Right now price following the bearish trend (shown in green) reached the strong support and the 200MA (yellow thick and green thin continues line). What I...
Long entry paper trade entered 2030 EST
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...
Wheat after our recent profitable prediction (pls refer to previous published idea) is now looking for a direction in my opinion. It failed yesterday to break the $5.42-5.43 level so now we have a stong 4h bearish candlestick. Still I'm unsure what the outcome will be. The MACD 4h took a turn and is now approaching the signal line with momentum to go...
This is just an idea I'm considering for Wheat. Comments welcomed. Note: The above is not a trading suggestion, just sharing my thoughts with the intent of becoming better on trading commodities mainly.
As described on chart - looking for Stoch RSI divergence and then short it. Disclaimer: this idea is solely for my own purposes, to satisfy the ego, if it will work out ;)
You know I am a big fan of commodities and especially tight markets like wheat, live cattle, etc. These instruments are less manipulated and less speculative. Usually, they follow their setups very well. Getting above Friday’s high is potential swing entry. We have a triangular formation on the daily chart. Sometimes price makes false breakdown before the rally....
Wheat futures rallied last week as it was expected. Congrats on your profits! Wheat is one of my favorite instruments. It follows setups very well. Many traders focus on more volatile instruments. But that is wrong. As traders, we have to be focused on a less speculative instrument that gives a better risk/reward ratio. I believe the price will retest recent highs...
Based on COT reports commercials are long wheat. They are correct 98%. It may take time to form a buy signal. But with that in mind, we look for buy signals - whatever happens first - break out of daily resistance - lower high + oversold oscillator - divergence (I use RSI and OBV)
Chart going to look like inverted head and shoulders.
As you see we have invertet head and shoulders, with the begining of right arm. Also we have long position on MACD on daily chart.