WEAT trade ideas
WEAT - Target reached on multi month WEAT trade!With this trade you where able to see multiple months, how I approach the markets and how I use the Forks to get information in advance.
Here is you link to the whole thread and you can go back in time and watch how it worked out:
And don't forget to get your ForkTrading BLUEPRINT. It's free and your ticket to learn to earn...
P!
Wheat going back to Seven Blood$ weakness, fundamentals people have got to eat!
www.macrotrends.net
though the 6,50 level and hold... sell int first test of $6.8
more buyers have entered the market
Trend is not sharply up so there are sellers, but these are being cleared out.. hence the price rise..
consolidation just over the 6,50 level then the larger move
WEAT - Potential to turn?Since my last video post, price banged it's head precisely at the L-MLH and fell back to the virtual Centerline (red-dotted).
This is no surprise, because more often then not, we see test/retest after one of the Fork's lines are broken.
At this time, price has a good chance to turn trend, since it's stretched and most of the longs have puked out the last dime.
No hurries here.
Let's let price crawl above the L-MLH and decide from there.
P!
Simplicity with Wheat - Support and resistance levelsCurrent prices are near previous lows. An increasing MACD and RSI indicates build up for a long opportunity.
Higher highs and higher lows have formed in the weekly chart for Wheat, signalling recovery from the long term downtrend.
For confirmation;
1. increasing MACD histogram - Check;
2a. overbought RSI levels - Check; and
2b. increasing RSI levels - Check;
3. Rebound from immediate support *
* note the blue icons indicate support / resistance levels. If this strong support is broken down, prices might continue downwards, bearing in mind the long term downtrend. Therefore, SL is to be set here (or slightly below).
Trade details
Stop loss: green line *
Expected profit: Nearing the resistance levels (see red icon) which coincides with a fibb level (0.786)
Expected duration: ~ 4 weeks (analysis is only done for intermediate term trade, although term potential is foreseeable)
Ratio
SL : Enter: TP
6.70 (risky) : 7.10 : 7.90 (conservative)
0.80/0.4 - Reward to risk at 2
Best trades^^
Wheat: Bottom of the pullback spottedI think there's a significant probability that the bottom of the recent correction in Wheat is in. I'm holding longs and now added my final entry a tad lower than this. I expect a rally back over the recent highs very soon. The crops this year suffered due to a significant drought in the regions where wheat is produced in the US. I think it is likely that this situation continues, and we get a strong rally from here onwards. Shout out to Tim West, who correctly diagnosed this situation with prescience in the KHL chatroom.
Promising trade here, potentially similar in scale to the rally that took place in 1988.
Best of luck,
Ivan Labrie.
Meet WEAT again after the wash.Do you remember how I got flushed down the toilet with my Weat trade?
Well, here's another one - hopefully I don't have to deep dive again...
Let's see if we can make something out of it.
No, not entering immediately...there's a GAP that scares me to go long.
Patience jung Padavan §8-)
First I'l observe, how price behave down here at the centerline.
Peace!
Wheat Reversal It looks like the price of Wheat has finally reversed out of a long term sinking wedge. Following a multi year low, price action is now in a rising channel. I bought at the red line (8.74). So far trade has been successful. Unless something drastically changes in the commodities market or price breaks below the bottom of channel I'm going to keep holding this. You can't see it on this chart but there is long term bullish divergence on price and RSI. I think this is just the beginning of a long-term price reversal