ZW1! trade ideas
Wheat futurUsing Andrew pitchfork we can assume the market arrived at last level price.
Maybe can continue to decrease if a high candle break the last level price of pitchfork
but for me 80% the wheat Price increase.
Wheat Futures Turn LowerWheat futures are currently retracing an upthrust. This upthrust failed to make a higher-high of the prior move. Because this upthrust failed to make a higher high, Wheat didn't enter into an uptrend. Therefore, I'm looking for a healthy retracement of our latest move.
Towards 5800 and maybe beyondI use a graphical representation to illustrate the risk reward ratio if you wish to partake in this trade opportunity.
Green line - entry price at 5582
Red line - stop loss at 5444
Blue line - profit at 5800
With technology these days, there are much faster ways to calculate the profit targets, position size, etc. But I prefer the old fashioned ways to calculate and take more time on studying the chart. Sometimes, halfway plotting it, I may discover things that I may not know in the beginning and decide to abort the trade. Speed kills...........slowly........
Now this is a 1:1.75 risk reward ratio if you choose to take up this trade next week.
Both Day and 1H trend lines are bullish oriented.
Do you have to trade this ?
Absolutely not !
You may not be familiar with this commodity. Or you may think the current Covid-19 situation is driving you to hoard up more cash (a good strategy) and prefer to watch the market on the side. You could choose forex or even cryptocurrency instead of this, why not ?
The market is full of opportunities every single day!!! So there is no need to be cornered to take up a decision NO matter how convincing the author writes it , haha. Remember, your money is YOUR money and NOBODY should care more about YOUR money than YOU!
At the end of the day, when you do make profits, I am happy for you. But unfortunately, if the reverse happens, I cannot take a share of your losses, at least in the monetary sense. And for this, this reason alone you are the sole decision maker of your trades.
I know this may sounds cold or harsh to some people who relish on social trading, teamwork and all. It is like having a drink each night when the bull market is running non-stop before 2019 December. Now, is a unprecedented time, one that we are lucky/blessed/fortunate to experience it. We can emerge stronger and better if we embrace it , learn from it and overcome it , eventually.
Short Wheat 50 Percent Retracement HitShort Wheat 50 Percent Retracement Hit and channeling down to bottom range of 540 then 500 price point.
Shorts on Soybean and Wheat FuturesWyckoff Analysis:
1) Both soybean and wheat futures rallied alongside the market for the past week or so. Now, they've both failed to make new highs and distributed for a few days. I like continuation of the longer-term trend.
