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Grains

ZS upward "C" wave to come (???)Soybean has been a tough market for those traders seeking volatility as it has been on a “wait-and-see” mode for a couple of month now. I do not expect any major movement on the short/mid run; however, I do see a possibility to “widen” the current trading range. The wave counting above suggests that a B wave would be completed (or nearly completed) and a possible upward C wave would be on the radar screen. For those (unlike me) seeking short-term opportunities it may be a good commodity to keep track on. I am still holding my long position with stops on a range around 920, although I confess the weekly chart does not look that bullish. In fact, the MACD divergence is killing my sleep lately. See my comments on ZC at:
CBOT:ZSH2015Long
by againstthegrain
2
We may see a “Pop” in Corn (???)(Forgive the terrible joke, but I couldn’t hold myself). The 50% retracement on Corn suggests that a minor correction would be over making possible an “a-b-c” counting thus getting ready to resume the upward trend. However, at this point in time, it would be wise to keep an alternate count in sight as this correction could easily (and most likely, in my opinion) extend to the 0.618 fibo. I say this, as most indicators are either bearish or neutral on the short/mid run. Ichimoku, for instance, is “cloudy”. Unlike soybeans (that has been on sideways for days now), corn has provided some interesting ups and downs for day-traders. For the long-term however I am still bullish and will keep holding my long position as long as prices stay within the 4-350 trading range, although I strongly suggest a stop-loss at levels close to 330 for money management matters. Just for the records, I am a position trader (i.e. no day-trading).
CBOT:ZCH2015Long
by againstthegrain
1
Soybeans breach neckline of Head and Shoulders top.Soybeans, technically, should be heading significantly lower in the short term. With the confirmation today of the head and shoulders top, the market should plummet by 8 - 9% by year end. This will put the soybeans smack down at year lows. The pattern took about a month to develop and should take about that long to fully unfold. However, this is a scared market right now and most of the damage should be done in the next few sessions. Everyone know the fundamental story with beans. Record harvest, perfect crop conditions, too many beans, yadda yadda yadda. The story has been out there and played itself to be true all year. It appeared as the market had finally found a bottom. Not so fast. Shorts have taken control of this market once again. All contracts are under attack as of this writing. The necklines have been breached and settled below in each of the expiring contracts out to Nov '15(that's as far dated as I checked). Here are the target prices for the next six expiring Soybean contracts. SF15- 914 SH15 - 920 SK15- 930 SN15- 939 SQ15- 949 SU15- 931 SX15- 919
CBOT:ZSF2015Short
by bryanpfitz
Head Fake HarryAnd there she is! After the crop report the boys decided to give a little head fake and run the stops of the weak longs. Now if we get above the 362.2 we could see a nice squeeze would could pop us. We are long and will be holding for the gap fill. Understand we are not fools at OFT... we can read. We understand that the agency is calling for a record 14 billion bushels of Corn which could weigh on an already weak market. This is why we weigh our risk first. We feel this move serves us well. Only time will tell. That's trading. Stay tuned and trade well.
CBOT:ZC1!Long
by OffTheFloorTrader
2