CORN at major pivot/support pointcorn at daily double bottom, long off this support level or short on a breakdown
TKUK1! trade ideas
Building Good Case to go Long CornRecent run up in corn prices have resulted in a quick sell off to return to equilibrium prices. Price is on its 3 push down. Trading volume remains extremely below average and the fractal acceleration has turned positive and consequently, the fractal momentum is slowing and turning positive. We are looking for a positive increase in price followed by a jump in trading volume to go long.
One could buy a long future or buy a call option or sell a put option or any combination thereof.
Futures trading involves risk and is not suited for every investor.
CBoT Corn long play entry needs more timeCorn:
We were wrong with our first buy-stop at 375 of 2 weeks ago and also our buy signal at 340 of one week ago turned out to be too premature. We have removed them from our chart in meantime. Nonetheless, our long term view on this price remains 30-35% to the upside into the next calendar year but it is just the timing for entry of the long play that has to be postponed a bit. Fact that we have been stopped out twice in a row doe snot change our bias.
Time being we expect price to make one more modest move to the downside and bottom out in one week or 10 days at around the 320 level from where we anticipate price to finally make its reversal and start trading up. For now we wait.
CBoT corn long playCorn:
Price indeed traded further down which has caused a massive drawdown on longs that were take at the buy-stop level. Price drew a very long bottom tail on the chart for Friday's candle with a (less than perfect) 'hammer' as result.
Longs that have been stopped out now have a renewed opportunity to try one more long play but need to put stops tight as we want to see the reversal to happen during the first 2 or 3 sessions of the week.
Positive divergences - can it make a local bottom?Here are the daily and 4H charts of Corn which I meantioned yesterday on Twitter but I could not post.
Daily:
- Ichimoku setup is bearish, but Price is too far below equilibrium. It needs to consolidate, pull back a bit at some point.
- Heikin-Ashi candles shrink, last candle is a doji. haDetlta is still below zero: consolidation, indecision
- minor positive divergence in EWO
4H:
- Ichimoku is losing some of its bearish bias. Price is testing Kijun and bearish trendline.
- haDelta/SMA3 shows positive divergence
- EWO shows positive divergence
- Short term upper key levels: 338-340 and 345
In case Price can't make a lower low today or tomorrow, then we may see some quicker pull back to 350-360 zone.
Be wise how much risk you allocate to this trade! You have to keep a tight stop below 330, and you should not trade more than 0,5-1 trade unit size. Risk management is always the key, especially in case of counter trend swing trades!
Long Corn @ 337 stopI think it is worth trying to go long targeting at least 360. There is strong divergence and pin bar probably finishing the fifth wave + quite oversold. Seasonally the bullishness might be in place for next 3-4 weeks. TP 360, SL 325.
Possible Reversal in CornWe have an indecision candle here as indicated on the chart. Fractal acceleration is turning positive and the fractal momentum is slowing down as expected. Price should follow.
Futures trading involves significant financial risk of loss and is not suitable for every investor.
Elliott Wave Analysis: CORN In A Temporary ConsolidationOn the 4H chart of CORN we are observing a possible three wave set-back taking place, that could ideally reach 390-400 region before turning again lower in black wave (2). That been said, on the alternate scenario black wave (2) could be already completed and more downside could be here early.
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CBoT corn is a long playCorn:
Price has traded up to our buy stop level after which it made a corrective move back down again. Price should not trade below the latest low of 346 as it will then likely trade further down to the 325 region which would be some 13% below the 375 buying stop zone which would be by far too much of a loss on the price. For now we consider this market to be a buy but we want to see price trade up to the 385 level next week. The upward potential on this chart is 25-30% from here.
corn decider report tommorowIt will decide whether 350 becomes top or bottom of corn for coming few months, chart is precariously placed.
Good Long OppCorn went through a quick run up and an even faster fall back down. Will try to find equilibrium now.
One could trade a long futures contract or a long call option.
Trading futures involves serious financial risks and are not suitable for all investors. Please seek competent trading advisors before placing any trades.
CBoT corn long play in the making.Corn:
Price had its additional push down and probably completed its move down after losing some 23% from its high on June 17 which is only 3 weeks ago. The price more or less reached the targeted buying region during the past week which was a bit earlier than what we were anticipating one week ago and the big question now is whether it is time to entertain a long play from here. The weekly chart (not attached/displayed) is showing a classic 'Hammer' which could come right out of the textbooks for TA traders. A 'Hammer' is a fairly reliable bode that the end of the downtrend is imminent but needs confirmation. In any case we can conclude that the move down is very mature at least.
A further move up on Monday/Tuesday and notably to the 375 level would actually confirm that a reverse is there and that we will trade higher levels from here. One more modest push down to the 345 should not be excluded and is a buy region as well with stops at 335 or so.
CornLong from support, stops below bottom end of range target 1 top edge of range at 434'6 extention to lower edge of broken trend line resistance at 500, small investment while bearish pressure still in play, look to COT release later for further information on trader positioning, a break below 347 shows me bears still in play, if this occurs i'll be looking to reduce risk and position size till clearer picture is in view.
Sep Corn Futures LongLike the Wheat Market, Corn is massively oversold and is due for some buyers to come in. This market will have the potential to rally back in the 380's - 390's which would be our zone between the 38.2 and 50.0 Fib Retracement. This is also a great area of prior structure in the market. Also, since the market has made a New Structure Low, we can predict a continuation in downtrend after we enter this zone to make another potential New Structure Low. Let me know your thoughts.
Bearish, too much bearish. Bottom fishing here in smallI know it has turned super bearish, and I rarely do bottom fishing and top hunting as I always try to go with trends. But this time I must try it.
The reasons:
- haDelta, which has reached a really extreme low twice. First one was 22/June --> it popped 20 USD from the low. Second extreme low was yesterday. That low is slightly higher. Meanwhile Price made a lower low at 340.
- Price drop was too quick and it moved too far away from Kijun Sen. Market needs a correction.
I go 0,5 unit long here. I expect retest to 365 +/-.
Corn CBoTCorn:
Price's 'correction down' that started 2 weeks ago turned out to be an almost 20% collapse in just 2 weeks which we did not see coming. We believe that the poison cup is not quite empty yet and we expect one more push down during next week although it will be not in the proportion of what we price has showed us during the past 2 weeks. We are looking for a 440/450 target from here after which we expect price to reverse and start trading for substantial higher levels. For now we need disciplined patience.
