Price reached a cluster of 52weeks resistance. A bulltrap has been observed.
Last friday, there was a bearish close below multi 52 weeks level. The head and shoulders , with macd divergence can be seen in a clearer perspective on the h4. There was a right shoulder in the form of a bear flag, which was completed from the bearish day expansion. This smashed the 52weeks support.
On week22, will be looking for an intraweek retracement to test these levels and then go short.
Shorted this when I saw the familiar Resistance tripartite of 2014 low , channel confluence , together with f6.
There was a WR2B which validated a beartrap. And this reversal pivot was even more meaningfully formed with
a yellow purple expansion combination, which suggests the strength of the resistance.
price plunged straight for monday and now at neckline. Which presents the next decision to take some or leave to ride for more.
Indeed price did a drastic turn at the identified partial tp area. I did well to secure the profits.
Calling the top is a daunting affair.
However there are signs that this pair seems to e heavily resisted.
Coming to h4, I can see the 1234 has een completed.
There is now a right shoulder formed with a smaller 1234 as well.
Met up with old army friends over the weekend and the topic of stocks came up. My friend shared that he was owning Newcrest Mining , #ASX and therefore I was curious about all stocks.
Looking at the 52weeks levels, I am taking that the current downfall might be good if it falls below 2014 Low , causing whatever is above to be a bulltrap.
on first glance it looked like a small accumulation pattern. However, to be more in aligned with dow theory of LH LL, I will seeing it as a bear flag.
Had been waiting for this trade for a long time with big picture planning.
this is classic neckline retest of a Double Top. If price should print a right shoulder, then it will be the highest probability retest via a hns.
The bearish engulfing day was significant because it happened near the confluence of the neckline as well as a f6. A topping pattern here will be extremely high probability.
This was a demo trade as previously I was still hanging on to CADJPY short and hard to change my mind to get into a live short position.
But I was still happy that I shorted this knowing that it looked like only going down.
Channel broken, with a WR4b. This channel was very symmetrical and nice. And previous day close was a decent close although a bearish day close expansion would have gave me high conviction to go short.
I was using a slightly revised charting format and from line chart version it seemed that price found support turned resistance.
Post CAD news, price plunged straight to neckline. I suspect that a right shoulder might be formed, so I have set TP at neckline area to exit trade. This trade is about understanding the construction of consolidation for flagpole, and trading the wave as countertrend leg.
I feel that I am always on form and mostly right in direction when I follow my setups and trade on edge.
My worst enemy is when I jumped from random levels which sets me back when price retraces back and leaves those position stuck in the middle of no man’s land. If I can restrain myself, I can always trade from the most tactical level and hence feel comfortable.
I have only myself left to beat.
This is a correlation that I am interested to know more find out.
Currently I see differences between Wheat and Corn.
Looking to short wheat with trend continuation.
However I saw different things for Corn.
although Sl was clearly defined, eventually I could not bear to play this out, as I saw a shorting oppoturnity in wheat.
It has been a year of trading with commodities and I continue to learn new things everyday. This recent contrasting setup for Corn and Wheat made me want to analyse deeper onto the fundamental aspect of commodities as currently I have gained some insights in that commodities might not always be moving together.