WHEAT trade ideas
Wheat down to $5.70 and then up to $5.81, Long Term BullI am long term bullish but I see a nice test of the trend line which may act as resistance. Potentially a drop just below to grab a little liquidity and then a continuation move to the higher side back to $5.81. I am seeing the 4hr macd dropping and RSI within range to drop more.
This is my first wheat chart, dont get too excited.
This is not trading advice.
Recap 18.41 sunday 6 oct 2019Employing an ETF pairs strategy may be useful when there is a disconnect between assets that are usually highly correlated.
Sector, country, and index ETFs also provide opportunities for the pairs trader, usually involving going long on a strong ETF and short on a weaker one. It’s important to exit the trades when the assets realign or the trends of strong and weak assets reverse.
It would also be wise to set a loss limit on each trade, and realize that markets are dynamic; relationships that existed yesterday may not necessarily exist tomorrow.
Consider our S&P 500 and Dow Jones index example. These indexes are highly correlated and both are tradable via ETFs: the S&P 500 SPDR (SPY A) and the Dow Jones Industrial SPDR (DIA A-). When the two separate, they generally reconnect, although that can take days or months.
SAAAA-WHEAT!Bullish on Wheat.
No other reason than the chart (and a general understanding that global warming is going to kill our planet and make it hard to grow plants?). Regardless, here's how I plan to profit off our civilization's demise:
Entered at $5.30 (it was early, I know)
We broke out now, and we're looking for a cup and handle target #1, and then a fib level PT #2.
Looking for a 19% move, leveraged at 12x, so we're looking like I just might be able to afford my nuclear bunker and dehydrated packets!
Til death do us part,
TMoneyBidness
