This is Corn Futures Weekly chart.
This chart pattern usually predicts a very strong upward move!
It's an up-sloping pennant pattern while the Stoch RSI shows a down cycle. This suggests that price are experiencing an uptrend in what is supposedly a typical retracement.
Price has already bounced off the 20MA on the Daily chart , which means the better entry timing is missed. You can look to enter on a 4H time frame or just accept a lower risk to reward. I think it's fine to accept a lower risk to reward since this is based off a Weekly chart.
Be sure to watch the liquidty & contract period.
If you have any symbols that you would like me to analyze, feel free to drop me a comment!
Thanks!
This chart pattern usually predicts a very strong upward move!
It's an up-sloping pennant pattern while the Stoch RSI shows a down cycle. This suggests that price are experiencing an uptrend in what is supposedly a typical retracement.
Price has already bounced off the 20MA on the Daily chart , which means the better entry timing is missed. You can look to enter on a 4H time frame or just accept a lower risk to reward. I think it's fine to accept a lower risk to reward since this is based off a Weekly chart.
Be sure to watch the liquidty & contract period.
If you have any symbols that you would like me to analyze, feel free to drop me a comment!
Thanks!
Note
(Disclaimer: not giving any trading & investment advise. Just sharing views)Note
If it doesn't break yesterday's high of 554 2/8 and stay above the low of today, then it might look to be a failed setup.Trade closed: stop reached
Failed setupNote
Funny enough. The setup was actually still intact, just took longer than expected
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.