ZC1! - What to expect on the 4hr - CORN FUTURES
Updated
So check my last chart to see where I told you what needed to happen to get here. Spoiler alert. I was spot on. Now we have a fresh high and fresh failed to gain. Not a bad place to get short with tight stop just above previous highs. BUT TO TRULY KNOW IF THIS IS THE TOP... you have to lose the high. Look for a close below the last leg that took you up and then get short on the pull back to test that previous local high. This could be the last pullback before the drop, if there are no closes above the top green line. But typically there is a significant pull back after it close below the last leg up and thats usually where I get in on trend reversal signals.
Note
Looks like a failure to gain twice now. If you went short you've probably taken profits and added to your short and are now taking more profits. Good job, but the drop isn't done yet, nothing has been lost or gained so we are just ranging but my gut says its going to drop more.Note
Huh OH!! nearing the danger zone, bounce? drop? lets find out!Note
We got one little close right below the last leg up but then bought it all right up. Could be a push to fill for the impending drop. If you took this trade you've already taken profits and reloaded so id keep the short going since we got the signal technically.Note
The short was profitable even though the lower levels held. Good trade and great price action during this time. gg.
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