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Week 26: ZSN2021 Consolidation weekIf you are still holding your short position from last week, it is time to manually close it. The price was stopped at $13.28 area where it formed "W" or mini double-bottom; does this mean a reversal to be bullish? My upper limit is at $13.82, if the price breaks and close higher that $13.82, then YES, it is likely to be bullish. However, if the price broke the yellow box / support level, then downtrend will continue. Therefore, this week we just wait until it breaks, then we follow the market direction.
CBOT:ZSN2021
by machintose
Week 23: ZSN2021 Be ready to short at $1585Last week price broke the channel and continuing upward consolidation. Yesterday we saw an aggressive move by the Seller, however, it doesn't mean that the price will plunge straight-away. However, feel free if you want to short it now; in my view, the best level to short is at $1585 level/area. That's where your RR is more favourable. So here is the signal for our discussion: Pending Short Order at $1585 Stop Loss at $1616 Take Profit at $1530 RRR = 1.56R Good luck!
CBOT:ZSN2021Short
by machintose
3
Week 21: ZSN2021 Let's flip it in the swap zoneOur trade last week was successful, it takes a week to finally hit our Profit Target. Now the price is reaching the flip zone or demand zone; I would anticipate the price will have some rejection in this area. This week we will LONG ZSN2021, here is my trade: Buy now at market SL is at $14.86 TP is at $15.45 RRR = 2.45R Always move your SL when: 1. You see a higher low, and ... 2. Your position is in the profit area. Hit me in the comment below for a discussion if you have any questions.
CBOT:ZSN2021Long
by machintose
1
Week 18: ZSK2021 Consolidation .. wait for a break The big drop last week was not sustainable; it was a big seller momentum but the price did not manage to breakthrough $15.20 level; it failed twice (double bottom). Therefore, currently the price is in range $15.20 to $16.00. On the side note, in H4 (as I write this), the current 3 candles are pushing higher with a small gap in between; it shows the Buyers are back in the game and pushing hard. The question is whether this push will break $16.00 to create a Higher High, we shall see.
CBOT:ZSK2021
by machintose
Week 17: ZSK2021 No point of return sighted (yet)Last week right after the Asian market open, the weekend gap was filled, our $1440 Decision Point level was breached and it went up to the moon. There were no sign of weaknesses yet, bullish momentum was strong on each upward push. Today the market was opened with a gap up again and as I am writing this, there is no sign of reversal yet; therefore we stay put and see the price action in the next few candles. My new pivot line is at $1536. Let me know if you have other views or comments.
CBOT:ZSK2021
by machintose
3
Week 14: ZSK2021 Uptrend Channel before it dropsSorry for the late post .. let's get to it. Based on the price movement last week, here is what I saw: (1) Strong bullish movement driven by the news, but it still did not break the previous High. (2) The Seller is pressing the price down from the top (Thursday, 01 April 2021), it shows that $14.44 is holding it's level. (3) As indicated last week, my support level is now at $14.10 From here, I am expecting some consolidation in the form of uptrend channel until the price is making a Lower High; then it is time for us to Short the market. This week my Pending Order: Sell Limit at $14.35 Stop Loss at $14.51 Take Profit at $13.90 Risk Reward Ratio: 2.66R Let me know if you have other opinions, we can discuss it in the comment sections.
CBOT:ZSK2021
by machintose
3
Week 13: ZSK2021 Wait for a Support BreakLast week the highest price was just at $14.35 ... just a shy $0.05 away from our bomb shell. Anyway it was not triggered and it keeps going down after reaching $14.35 The market was closed at the SR Flip area at $14.00 (see on H4), it was doji and so far no buyers sighted in the market (Asian morning session). Here are the few scenarios : (1) Market bounce at SR Flip ($14.00), likely it will find the previous level which is at $14.09 If $14.09 is broken, it means the buyer is back in the market. (2) The price continues going to South, the last buyer defend was at $13.90 level. This is where we can place our Pending Order (Sell Stop); once it broke, the gravity will help to pull the price going even lower. (3) Certainly, the last scenario is ranging / sideways; this usually happen towards end of the month or a week before WASDE report release. The price may consolidate prior making a big move. This week, I will go for scenario #2 where I will place a Pending Sell Stop Order. Stop Loss is at $14.20 Pending Order (Sell Stop) is at $13.90 Take Profit is at $13.22 RRR: 2.27R If you are well versed in Price Action, we can take the opportunity to scalp during the week. Have a good weekend ahead, this week is a short week. If no clear setup, just avoid it, enjoy your Easter holiday.
CBOT:ZSK2021Short
by machintose
5
Week 12: ZSK2021 Ranging with a slight bullishLast week our target at $1440 had not been achieved, the price went down and made a retracement at the end of the week. Overall it is not a Sell yet, we are still within Buyers area ($13.90 to $14.24). The immediate Decision Point (DP) is at $14.24 where if it breaks, then we anticipated that it will go to our $14.40 level (which we will sell). If it doesn't break, then it will range within the buyer area. My view remains the same as last week, we look for the opportunity to short and feel free to scalp it while it is ranging. If you have a different view, let's discuss it at the comment area below.
CBOT:ZSK2021
by machintose
5
Week 10: ZSK2021 Bullish Ahead, wait for a retracement.Based on last Friday closing, I would expect the price to be bullish to $14.43 and making a retracement there. However, I was proven wrong, the market gap up and push the price higher than $14.43 There is no more references that I can use as there is no data on the "left"; the only way to read the market is only by reading the Price Action. I did some research on historical data and found that the highest price for SoyBeans was $17.6825 (03 September 2012). If we are studying those data, there is a potential reversal at $16.50 where it was a strong resistance level created in July 2008. Having said the above, we are not here to predict but to trade. Our short-term observation: (1) The price is on the upper-band of trend channel, either it will break or continue to range. (2) Looking at the current movement, I don't think the gap will be closed that fast; the impulse movement upward was so strong and normally it will become a good support zone (area to buy). (3) I left my line at $14.30 as a buy area marking. Additional info which I mentioned above: www.macrotrends.net If you have other views or opinions or ideas, let's discuss it on the comment below.
CBOT:ZSK2021Long
by machintose
8
Week 09: ZSK2021 Price is consolidatingThis week 09, we will be using ZSK21 as a chart reference. There are few things that I would like to share: (1) This morning the price was continuing the rally and created a gap upon opening. Price gap normally is closed within a day or two; so for a speculator, you can use this opportunity to short it. However, please be aware that the overall trend is still bullish, if you are shorting, be mindful that you have to act fast. (2) Overall the price still has no direction and it will be ranging from $1,405 to $1,427 (3) I will be interested to sell if the price penetrated $1,384 I will update again in mid-week if there is a sudden change on the outlook.
CBOT:ZSK2021
by machintose
12
Week 08: ZSH2021 Wait for a break to SellPatience is one of the key traits in trading. Last week we did not see much action, the price is ranging in a tight movement 20.4 points for a whole week. This week we are still waiting for a confirmation to short the market: (1) Price level at $1,390 is being respected and currently creating a "fake out" line. (2) My reversal zone remains at $1,400 (for now) (3) The sign of going down will be confirmed when $1,370 is broken. Overall, my view remain bearish with the following trade plan: Sell Pending Order at $1,400 Stop Loss at $1,410 Take Profit at $1,322 RRR = 7.8R I will monitor on daily basis too, shoot me a question if you need any clarifications or exchange ideas.
CBOT:ZSH2021Short
by machintose
9
Week 7: ZSH2021 Let's wait to SELL againMy overall sentiment is still Bearish bias . Today the opening price jumped 14 points and the bull kept running to the nearest Supply Zone. In general view, the seller is still strong and therefore, we participate in selling too. The nearest SELL area is between $1,395 and $1,400 (5 points zone), with a Stop Loss at $1,411. Our first Take Profit level is at $1,375 (2.27R). What if the price did not hit the Supply zone at $1,395 - $1,400 ? Then we have to see the Price Action movement and market structure. Good Luck!
CBOT:ZSH2021Short
by machintose