Wheat - 2 long / 2 Short scenarios - Good bread takes time
General
Wheat seems to generate a nasty SFP. It took out the recent Swing High and then dropped over 22%. With the monthly close coming soon i could image it going lower before finding support.
I marked 4 Scenarios which i would be happy to take either.
1. Long (Blue arrow)
Price moves to the red rectangle (area 1), finds support and "generates a swing". Price goes lower before breaking above the generated swing where i would then look on a LTF for an entry.
Target: A bit under the range high
SL: Depending on the LTF entry i wouldnt want to see it going lower than support
Invalidation: Price breaking under area 1
Time duration: Days, weeks, months, years... ;)
2. Long (Orange arrow)
Price moves under area 1 but manages to retake it. Enter on retest of area 1.
Target: A bit under the range high
SL: A bit under area 1
Time duration: Days, weeks, months, years... ;)
1. Short (Red arrow)
Price moves under area 1 aswell level 2. Enter on retest of level 2.
Target: The next big support level (Also in confluence with the 50% of the lower range.
SL: A bit above level 2
Time duration: Days, weeks, months, years... ;)
2. Short (Yellow arrow)
Price breaks under area 1. Enter in LTF on retest.
Target: The next big support level (Also in confluence with the 50% of the lower range.
SL: A bit above area 1
Time duration: Days, weeks, months, years... ;)
Good luck
Wheat seems to generate a nasty SFP. It took out the recent Swing High and then dropped over 22%. With the monthly close coming soon i could image it going lower before finding support.
I marked 4 Scenarios which i would be happy to take either.
1. Long (Blue arrow)
Price moves to the red rectangle (area 1), finds support and "generates a swing". Price goes lower before breaking above the generated swing where i would then look on a LTF for an entry.
Target: A bit under the range high
SL: Depending on the LTF entry i wouldnt want to see it going lower than support
Invalidation: Price breaking under area 1
Time duration: Days, weeks, months, years... ;)
2. Long (Orange arrow)
Price moves under area 1 but manages to retake it. Enter on retest of area 1.
Target: A bit under the range high
SL: A bit under area 1
Time duration: Days, weeks, months, years... ;)
1. Short (Red arrow)
Price moves under area 1 aswell level 2. Enter on retest of level 2.
Target: The next big support level (Also in confluence with the 50% of the lower range.
SL: A bit above level 2
Time duration: Days, weeks, months, years... ;)
2. Short (Yellow arrow)
Price breaks under area 1. Enter in LTF on retest.
Target: The next big support level (Also in confluence with the 50% of the lower range.
SL: A bit above area 1
Time duration: Days, weeks, months, years... ;)
Good luck
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