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ZC1! trade ideas

Corn - Bit of confusion, 7 weeks of consolidation,followed by...... the follow through may be more up. Weekly: - 7 weeks of hesitation and consolidation in form of undecided Heikin Ashi candles. - Although it is only Monday, this week Heikin Ashi candle may be a bullish one, as haDelta/SMA3 indication is more bullish as well. The oscillator turned bullish too. - Ichimoku setup is neutral, with some bullish bias: Price enterring Kumo, Chikou is above past candles and points up. Kijun Sen held well and stopped sellers four times! - Upper supp/res is at 418. Above that level Price would make a bullish weekly Kumo breakout, and the space would open for further and decent bullish move. Get ready, as a short squeeze and a strategic reversal may arrive soon. Daily: - Price action is a bit confusinf. A week ago it looked like a valid bearish continuation and a break of a possible minor uptrend line. However in last three days with Wheat being the leader, Corn started a decent correction too. Now the question is what the Price will do at the 389 supp/res horizontal line? It is also a question wether we've seen developing a decreasing wedge? Anyhow, if Price breaks above 390 and holds, that will be really bullish and more short squeeze will follow. - Ichimoku setup is turning back to neutral from the initial bearish. - Heikin Ashi setup is bullish. haDelta/SMA3 further above the zero line, Oscillator turns bullish again. Will it stay like this? p.s.: I got stopped on my initial longs when price broke back below 380. I reopened longs after I saw the possible up-reversal in Heikin Ashi setup two days ago. Watching 390 key level now, ready to increase longs if Price shoots higher.
CBOT:ZCK2015Long
by Kumowizard
1
Corn - Chance for a multi time frame bullish breakWe may have very important and decisive Price action this week in Corn, which in case happens, will be a start of a long term and decent move! Weekly: - Ichimoku setup has turned to neutral since Dec/2014. Chikou is above Price, Price candles are small and are in between Tenkan and Kijun. Price is just below a flat Kumo - Price has been consolidating in a very narrow range, between Tenkan and Kijun for the last 5 weeks. Heikin Ashi candles have small, mixed colour bodies with some upper and lower wicks. haDelta/SMA3 is hesitating around the zero line. - Most importantly look at the major downtrend line! Is the weekly candle about to break a 2,5 years downtrend??? First we need to see a decisive trendline break. Later we can have a Kumo breakout through the ultimate key level of 426, which in case would open space to a decent multi weeks (or multi months) rally in Corn. A close below weekly Kijun Sen would invalidate the long trade idea. Daily: - We have a neutral Ichimoku setup: Price is at Kumo, hesitating ard Tenkan and Kijun Sen. Chikou is also at Price candles. What's more Price is stuck in a triangle. Today or tomorrow it should decide which way to break. The actual Price right now is above the upper tredline, but I like to wait to see a Heikin Ashi candle close as well above the triangle. - Heikin Ashi candles show consolidation, but what makes it rather bullish is today's green candle with haDelta/SMA3 ticking above zero line. It is really time to watch now! Long entries recommended at 395 and/or 400. One more note: what makes me think it is rather possible to see a bullish move than a bearish continuation is that not even the extreme USD strength could put more pressure on Corn prices. I mean this USD bull has a massive headwind bearish effect on commodity prices in general, but as you see Corn seems to be rock solid for the last 5-6 weeks. (meanwhile USD Indx rallied more than 5 % recently)
CBOT:ZC2!Long
by Kumowizard
Corn - Can Bears lose control? - CORRECTIONCorrection - now right panel shows May futures as well. Picture is same, just nominals are higher a bit. * * * Weekly: - Heikin Ashi candle is red and haDelta points down. However so far weekly Kijun Sen provided a good support/resistance. If Kijun holds, then this dip would be only a pull back, possible a second wave of a new bullish setup. If Price breaks below Kijun, then bears can take control again. Looking at Chikou Span being above Price candles, I think a move up from here is a bit more likely, but it is not yet very clear. - Most important key level is 426. A weekly close above opens space for a strategic long term bullish move. Daily: - Price is below the Kumo, but the Ichimoku setup can not be called bearish until Price makes a lower low. There is some chance that we saw only a retest to a possible initial bullish trendline. - Heikin Ashi candle today has a small body, haDelta crossing up above SMA3 again. Also Chikou Span found support at the past Kumo's top. This means selling pressure is slowing down. I think we may try some bottom fishing here, and open some longs, with stop below 379. Do it only with 0,5 trade unit. For a better risk-reward Price should first print a green candle and then break above daily Kumo top at 400. A bullish Chikou Span cross would validate the long trade setup and idea.
CBOT:ZCK2015
by Kumowizard
Corn - Can Bears lose control? Weekly: - Heikin Ashi candle is red and haDelta points down. However so far weekly Kijun Sen provided a good support/resistance. If Kijun holds, then this dip would be only a pull back, possible a second wave of a new bullish setup. If Price breaks below Kijun, then bears can take control again. Looking at Chikou Span being above Price candles, I think a move up from here is a bit more likely, but it is not yet very clear. - Most important key level is 426. A weekly close above opens space for a strategic long term bullish move. Daily: - Price is below the Kumo, but the Ichimoku setup can not be called bearish until Price makes a lower low. There is some chance that we saw only a retest to a possible initial bullish trendline. - Heikin Ashi candle today has a small body, haDelta crossing up above SMA3 again. Also Chikou Span found support at the past Kumo's top. This means selling pressure is slowing down. I think we may try some bottom fishing here, and open some longs, with stop below 369. Do it only with 0,5 trade unit. For a better risk-reward Price should first print a green candle and then break above daily Kumo top at 390. A bullish Chikou Span cross would validate the long trade setup and idea.
CBOT:ZC1!Long
by Kumowizard
2
Corn - Consolidation, mixed picture, way is more likely upWeekly: - Tenkan/Kijun is in weak bullish cross - Chikou Span likely makes a weak bullish cross too above Price candles. - weekly HA candle is small body with lower and higher wicks, haDelta crossing back above SMA3 - last two weekly candles touched Kijun Sen, which prove to be good support Most likely the pull back wave is over with this week's candle. It means after a Kijun Sen retest Price is ready to go higher from here. Watch 414-416 level, as a weekly break above the horizontal supp/res and the Kumo will open space for a longer term bullish move. Daily: - Price attempted a bearish Kumo break, but in fact the Kumo blocked the move. 366 proved to be a good support for Corn. Now Price is back to the Kumo, trades between Tenkan and Kijun. We can say this is still a consolidation with Price trading at short term equilibrium. - HA candles are green with haDelta and its SMA3 well above zero line. Oscillator is bullish. - If Price breaks above Kijun Sen and later above the Kumo too, that will open space ahead of a stronger bullish move. 415 is a key level on the daily chart too. Strategy is: buy on dips until Price holds above 366, the way is more likely up.
CBOT:ZC1!Long
by Kumowizard
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