Wheat Has Completed A Bearish Butterfly and AB=CD Pattern

I had an order set to short 1 pip above the current high of the day and didn't get picked up. I have since moved the order to the high as shown in the chart. Risk:Reward is pretty nice and looking left (further left than on this chart) there is some structure which supports this as a supply zone.

Wheat has been looking pretty bullish so it would probably be advisable to wait for a bearish signal on a lower time frame. Let me know what you think about Wheat!

Trade active

Could have kept my order where it was lol rabble. Let's see what happens from here.

Trade closed manually

I ended up closing the position at breakeven for the weeken just in case of any gaps. The price action has been rather bullish and I don't want to wind up being on the wrong side of that. If nothing like that occurs, I will be looking to re-enter based on the same idea.

Note

I have placed an order to re-open my short at 448.50 stop loss 451.25 which didn't get picked up earlier (I was too late). The idea is still valid in my mind.

Note

Still not in the trade -- will be watching to see if this Bullish Bat completes and I will cancel my short order and long

Trade closed: stop reached

This idea did not work out, unfortunately. Waiting for the next opportunity.

Note

Arggg I should have had my stops higher! The stops for this AB=CD were a little higher than for the other. Oh well, still watching.

SharkbaitAl

Also on:

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.

SharkbaitAl

Also on: