buy big bullish candle tell to us that chart has decided to start going toward up...
entry for high risk persons and the other after breakout ...
buy
SOYBEANS trade ideas
Thoughts on Renko Charts (cont.)Since my last discussion on Renko Charts, I've made some changes to what my view of long term vs. short term is. Currently, I'm experimenting with a 2hr and 5 min chart
I'm continuing focus on my primary scenario of a breakout of price based on consolidation dictated by the ADX of the DMI. The general goal is to find 2hr charts that have an ADX reading of 20 or lower for at least 7-10 periods. During this period, identify a pattern (trend line, triangle, channel, support/resistance lines on price) and then look for price to breakout. However, instead of using the 2hr chart to identify the timing or trigger of the trade, use the 5min chart to make that determination.
Recent soybean chart can be used as an example. The last consolidation in price occurred at (B) in the form of a triangle on the 2hr chart. However, if you look at the 5min chart, the trade could have been triggered by its own breakout based on similar consolidation (A). Notice how the 5min chart expands on the actual movement of the 2hr chart.
An example of a continuation breakout can be seen in NGAS. Using this chart, (A) on the 2hr is just a one block pullback but the 5min chart shows a decomposition in price that ends with the ADX dropping below 20 forming a possible ascending triangle before price breaks out to the upside.
Corn is currently in an extended channel on the 2hr chart which has led to a similar pattern on the 5min chart. This could be a market that is ready to be traded on the breakout of the channel.
Current thinking on SoybeansI've included several charts here that high-lite some of my current thoughts on Soybeans. Starting with the monthly chart and then working through the weekly, daily, and then 4hr that has some thoughts on entry into the market to long side.
Weekly:
Daily:
4hr:
SOYA - its off the block now with volume i think SOYA is really taking off now, with its' Corre to gas ...and off the block with volume
Soybean staging for another run at resistanceIs soybeans setting the stage to make another run at an upper channel line of resistance started with the August 2012 high? Current weekly and daily action looks like this is the case. Should price continue up, how it responds will indicate if new shorting positions should be taken of existing longs can be held. Another option would be to hold longs with this line as target and then re-enter once price shows direction.
weekly:
daily:
Soybeans short into 9.550 support Good evening traders, this is on my watchlist as price is showing some deceleration mid run, 50 EMA crossing yesterday's and today's wick, might provide resistance.
Hope you liked this idea, good luck!
Soybeans anticipating pullback on daily before moving higherI'm watching soybeans for a pullback on stoch and for ADX to move over 20 with +DMI holding. A move up in price after this scenario could be a buy signal.
Dscending triangle Contraction of range with price making lower high and lower lows.
Bearish price action.
