ZW1!9.7.22 Wheat: This looks like a long trade with a small stop. This is a market that can grind higher and lower, and used to be problematic for me because markets like this move slowly very small range, and that is usually very annoying for me. However, I think there's a technique that I personally use, it keeps me in the market longer in a way that's more tolerable. Take a look and see if this could help you. I think it's very easy to think of a market as being weak because of the way it's moving higher, and because of that I generally don't have good staying power. However, if I can get in, and it keeps on failing to make new lows, and all I have to do is look at it once a day keeping my original stop, and the market ends up not stopping me out as it's going higher, and I'm only looking at it once a day.... that is not a bad thing.
XW1! trade ideas
Commodity Wheat idea (06/09/2022)wheat
The completion of the (C) wave of the flat irregular wave, and we expect a drop in wheat in the coming period after ending the correction pattern as we explained, and we expect it to target 773 at 1.618%, or it may continue to 2.618% at 744 since trading is the lowest point of resistance 839.25
Commodity Wheat idea (30/08/2022)wheat
And we expect the end of the wave ((C)) at prices of 849.00 expect the decline from the current prices, but there may be an extension in the rise to price of 872, so we should be careful in the coming period, but for the time being, the decline is in place since trading is below the 849 resistance point
Long Wheat - Retrace RallyCBOT:ZW1!
Wheat might be lining up for a retrace rally.
Wheat appears to have built out a descending wedge while also printing bullish divergence on the RSI.
Price has finally broke the wedge, retested, and continued moving higher.
In that move higher, price has broke through the major descending fork that has held price for the last 3+ months.
In addition, the Perry Kaufman Adaptive MA just printed a "Buy" signal. ( Thanks, @blackcat1402 )
I'm expecting price to continue higher up to the trigger-line of this descending fork.
Plotting an ascending minor fork on the chart to project a path higher, a move to the .618 Fibonacci retracement level appears to be a likely target area.
Target = 1076 USX aka $10.76
Fat_Fat
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Pull Back FishingPossible rectangle forming.
Neutral until a trendline is broken.
2 touches to bottom trendline so far with a few other candle tails coming close to a touch.
The 20, 50, 100 and 200 moving averages need some work as well as the shorter term moving averages in the Alligator.
Moving averages can look bad until they do not.
No recommendation