I can see the following on the chart: - very stretched down swing - coiling = something is cooking in here - price landed nicely at the A/R line
The white fork is a "potential" projection of price. If price close out of the L-MLH, then the fork is not valid anymore.
Let's see if there will be something more interesting. I don't like to jump the gun, there is mostly a re- entry if I miss it. But we need to stalk it for sure!
Hunt mode ON ;-)
TNX Bo for the heads up.
P!
Trade wurde manuell geschlossen
⋅
This looks not really promising and...the trade idea is out the window IMO.
Wheat has been in a Down trend since Nov. 2012 breakout out, fundamentals are horrible as World stocks to use ratio is large and rains have returned to the SW. plains
200 month moving ave. at $5.06
I would look for a test of the low on monthly line chart above the Nov 2016 low at $3.805 at end of April or May before entering Long side.
(Trade Wheat and sleep in the Street) Fundamentally - think Corn is going to have to lend support
Tr8dingN3rd
⋅
TNX Bwo for your input.
Let's see how this unfods. I always look for the centerline as a target.
Cheers.
Bo
⋅
Constructive follow through this Monday from Friday's hammer candle testing and reentering the pitchfork frame. Just maybe... Taking time, but once it shows it will likely jump.
Tr8dingN3rd
⋅
Yup. With the reentering the chances are even higher for a jump.
Bo
⋅
Appears that wheat price made a "HAMMER" candle and rose up above the lower fork line that contains bottom prices. This could be the beginning?
Bo
⋅
On the edge. Will it hold? That question will be answered today (Friday) by the closing time likely.
Great context in which to view. Again, thank you!
Tr8dingN3rd
⋅
Yes, I'm curios too Bo. So far it looks promising. Happy Friday :)
Bo
⋅
I just noticed your post here and I'm 5 days late! Flattered by your reference. Much agree on the potential expressed by the price formations. Thank you for following up with more of your expertise!
200 month moving ave. at $5.06
I would look for a test of the low on monthly line chart above the Nov 2016 low at $3.805 at end of April or May before entering Long side.
(Trade Wheat and sleep in the Street) Fundamentally - think Corn is going to have to lend support