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WHEATUSD

WHEATUSD - Something's cookingWheat in October climbed more than 13%. For the past few days we see the price making a pullback and stopping at the 50MA where buyers jump in again. There are two scenarios that I see right now: 1) we have a descending triangle in-the-forming with potential break lower if bears win or 2) we are in the “digestion” period of the recently formed higher prices In either case something’s cooking and those interested in Wheat should stay vigilant and prepare for the next move. The dropping ATR value might be an indication to support the above theory as major events usually happen when the value of ATR remains low. The strong uptrend for the time being and the respect of the 50MA favour in my eyes the second scenario, but you never know with markets. Good luck traders. Note: I'm no trading expert nor have the ambition to become one! The above is just an idea that I share with the intention of attracting comments and perhaps become a better trader.
OANDA:WHEATUSD
by A_Bouras
Wheat breaking out of important resistancesThose that have been following me for a while know that I've had my eye on commodities and as we keep printing currencies, inflation shall follow. I expect some good moves from grains and sugar in months to come and I keep building my positions. We have a descending triangle mixed with a reversed head and shoulder pattern. This combination could lead to explosive moves short term and perhaps the establishment of a longer term trend as we move forward.
OANDA:WHEATUSDLong
by FXbrawler
1
WHEATUSD - Back to MAR '20 or 2014-2015 ?Wheat has become one of my favourite commodities to trade after the 10:1 win to lose ratio of my positions for SEP '20. Now I'm puzzled as to what to do next. The trend is clearly bullish but, we are approaching the strong resistance of $5.87-5.92 of MAR '20. If we break this level then we will see higher prices. Maybe go back to the prices of 2014-2015 where price was ~$7.00 ? Who knows. On the Montly Time Frame (MTF) the Fib 0.382 is around the price of $5.44 which in my opinion is the next target before price continues higher. The Commitment of Traders (COT) outlook for non-commercial investors remains stable between SEP 22 and SEP 29 with net LONG positions 26221 and 26358 respectively. So no indications for surprises expected from there too. In any case I already openned a small sell position to the support level and I'm prepared to open more in steps as I see the correction comming before price continues to higher levels. Note: I'm no trading expert nor have the ambition to become one! The above is just an idea that I share with the intention of attracting comments and perhaps become a better trader.
OANDA:WHEATUSDShort
by A_Bouras
WHEATUSD - S(h)ort the wheat from chaff #2Wheat reached the resistance and holded after breaking the trendline mentioned in previous comment (see below). I'm expecting it to drop at first to the Fib 0.382 lvl marked in the white dotted line. From there on we will see. If it drops further then we are heading to the support of ~$5.45. I actually took the selling idea mentioned in the chart as I was writting this. Let's see. Good luck Traders Note: I'm no trading expert nor have the ambition to become one! The above is just an idea that I share with the intention of attracting comments and perhaps become a better trader.
OANDA:WHEATUSDShort
by A_Bouras
WHEATUSD - Price at critical levelWheat is once again at a critical point in my opinion. The trend on the 4h time frame (TF) is strongly bearish for the past week. However on the weekly TF is bullish showing higher highs and higher lows. Right now price following the bearish trend (shown in green) reached the strong support and the 200MA (yellow thick and green thin continues line). What I wait to see is first of all if the price will break the support and drop further. If it does so the next support is around $5.225. When these lines are written we have a rejection of this level. If price holds we will have a reversal and we will see a bullish move short-term. So as always in trading, we wait, we monitor closely and have our finger on the trigger! We will find out soon enough I think. Good luck traders Note: I'm no trading expert nor have the ambition to become one! The above is just an idea that I share with the intention of attracting comments and perhaps become a better trader.
OANDA:WHEATUSD
by A_Bouras
Wheat - S(h)ort the wheat from chaffWheat today broke the support level mentioned as DECISION LEVEL on previous published idea (pls see below for link). As seen on the 4h time frame above, it also just broke the 38.2% Fib level from the weekly time frame of the last impulse. The trend remains bearhish (MACD confirms the shift) and the weekly resistance now shifted around the $5.34-5.35 level. I'm monitoring price to see if it makes the pullback (expected, the light blue arrows) and then depending on how and if it does the pullback, I consider taking a nice short position. The position I look for should give 140+ pip profit to the next support level of ~$5.16. Note: I'm no trading expert nor have the ambition to become one! The above is just an idea that I share with the intention of attracting comments and perhaps become better at trading commodities.
OANDA:WHEATUSDShort
by A_Bouras
WHEATUSD waiting price to reach decision levelWheat after our recent profitable prediction (pls refer to previous published idea) is now looking for a direction in my opinion. It failed yesterday to break the $5.42-5.43 level so now we have a stong 4h bearish candlestick. Still I'm unsure what the outcome will be. The MACD 4h took a turn and is now approaching the signal line with momentum to go bearish. However I'm monitoring price at the 4h time frame waiting to see what will happen when/if the price reaches the support lever of ~$5.34. That's why I named it DECISION LEVEL. Depending where the price will go and how it will go to wherever it goes, I might be able to base my trades. So let's wait and see what happens. I just love the markets! :-) Note: I'm no trading expert nor have the ambition to become one! The above is just an idea that I share with the intention of attacting comments and perhaps become better at trading commodities.
OANDA:WHEATUSD
by A_Bouras
Rally in Wheat will continue. Possible entriesYou know I am a big fan of commodities and especially tight markets like wheat, live cattle, etc. These instruments are less manipulated and less speculative. Usually, they follow their setups very well. Getting above Friday’s high is potential swing entry. We have a triangular formation on the daily chart. Sometimes price makes false breakdown before the rally. So, it is another potential entry, if that happens. Wheat has a strong seasonal tendency to rally till September.
CBOT:ZW1!Long
by UnknownUnicorn1156963
Rally in wheat is not done yetWheat futures rallied last week as it was expected. Congrats on your profits! Wheat is one of my favorite instruments. It follows setups very well. Many traders focus on more volatile instruments. But that is wrong. As traders, we have to be focused on a less speculative instrument that gives a better risk/reward ratio. I believe the price will retest recent highs near 570. But this market needs some breath. It is overbought on smaller time frames. However, Wheat is a very tight market. Usually doesn’t give big pullbacks. I continue to look for and take buy signals in this market.
CBOT:ZW1!Long
by UnknownUnicorn1156963