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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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.