MZC1! trade ideas
Corn CBoT maintaining long positionCorn:
Price made a very strong move to the upside last Friday and posted a new high for the contract. If a price posts a new high it is usually a sign that it wants to trade even higher (and the other way around) although there is no guarantee for that. More significant is that price closed at/near the HOD (high of day) which is a bode for a higher opening for the next session with a high probability of a follow through.
All together there is nothing much new for us to see on this chart. We are enjoying the ride that started during first half of May and we keep trailing out target and, more important, our stop loss level. Positions will need to be rolled over soon (preferably this week) and traders need to be alert for slippage.
CornAround highs , Decision point , profit taking by longs , getting into new short positions. No trades for now. Let market find it's feet firts.
Corn CBoTCorn:
Nothing much new on the chart that would make us change our views. The weekly chart (not displayed) is showing a very long topping tail that could indicate the bulls are running out of air but we would need to see a confirmation of that after the next weekly candle only.
Price almost reached our 2nd target at 450 during Friday's session and we have trailed same target up to 460 now. We might decide to keep trailing up same target while downsizing the position and thus locking in profits because taking profit won't make us any poorer. We will definitely keep trailing up the stop.
Corn CBoT further developing as anticipatedCorn:
Price traded further up and reached our first target which is not a reason for us to square the position but rather to trail our intra-day stop up to a level where we optimize the profitability of the position just in case that the picture radically reverses. We would like to see a bit more impulse of the move up during the coming week in which case we will probably move our target 2 up a bit as well. For now we are comfortable as we are and we see no reason to start fumbling this chart.
You cried for inflation? Here it comes! Cheap grain is over!Weekly:
- Ichimoku: Bullish Kumo brekout and break of bearish trend!
- Heikin-Ashi signal is bullish with strong momentum
Daily:
- Bullish Ichimoku
- Bullish Heikin-Ashi
Any pull back is a buy! Corn delivers a strategic bullish reversal!
Corn CBoTCorn:
Price is simply following our preferred path quite nicely since one month now and we do not see any reason to change our bias not our lines in the chart. We let the market do its work and trail our stops up accordingly.
Corn CBoT Corn:
No changes in our bias and expectations. Price is following our preferred path quite reasonably and we do not see any reason to change our chart. We would like to see the immediate previous high of 400 broken during next week.
Corn CBoT N16Corn:
No changes for our outlook on corn. The price develops as per our preferred path and is heading for our targets. We have inserted a possible alternative routing for price but the bottom line remains the same: 450 during this summer and we do not exclude an additional swing up from there.
Trade Idea for Corn (July)A Conservative entry around the 50% retracement of today's price action would be ideal. A risky trade would be an entry at or near the close. I say its risky because of the sheer aggressiveness of the bar's price action. These tend to lead to a pop in price in the opposite direction for those taking profits sometimes in the vicinity of 100%.
Anyway - I will not be in this trade unless I can close my other positions and get in the action tomorrow at the conservative level.
Good Luck and remember, always another trade...don't ever force a trade
Corn Jne CBoT Long PlayPrice did make the pull back down to its supportive level after all and bounced from same support during Thursday's session after which a follow-through materialized during Friday's session. Nothing much changes in our bias on the development of this price and we keep our outlook unchanged to the upside.
However, we are not yet completely out of the woods and on track with this chart. During the coming week we want to see the 385 level broken and a decisive settlement of the price above same 385. After that we can go looking for a exact path towards our first target at around the 415 level and to our second target at around 450.
Bottom-line we are looking for a 15% or more swing up of price from its current levels.
Short Idea for Corn Like an entry near the 50% retracement on todays bar. This could be entering a range and could make for some nice trades in both directions
Corn long playCorn:
Price made a 13% swing up during April and corrected down rather impulsively during the 2 sessions of Apr 21 & 22 in order to correct its overbought status. On very short term the key level is 382.50 which is the low of last Thursday Apr 28. If this level breaks during the first half of the week we anticipate a bit further decline of price that could go as far as the 370/365 mark which would be an excellent target level to anticipate a long play.
From there we expect price to reverse in order to rally further up throughout the summer to 450 levels or higher than that. We feel more comfortable with our 450 target for the mid-term than with the possible swing down next week to 370.
Looked like a panic? I think it was/is a retest buy opportunitySharp moves, soaring volatility: look at ATR! --> first conclusion: as always when volatility increases that much, you must reduce unit size (regardess how small or big account you trade)!!!
After the spike we saw two days massive selloff down to 371+. Please note that now we already trade July Corn contract.
- 377 - 372 zone was clearly a bullish support to buy.
- Market is so volatile, price is moveing so quickly, that even with haDelta it is a bit hard to catch changes in time. The Heikin-Ashi candle still looks bearish, but as you see haDelta quickly hit an extreme low during friday trading session. That's why I thought the support zone was OK to buy a small long. Anyway I waited until today US open to enter.
- EWO is not changing that quickly. It is simply still bullish.
As you see the weekly key reversal is still around 395-400. In case we close above, we can expect another +10 % move to ard 440.
