XC1! trade ideas
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.
Elliott Wave Analysis: CORN In A Temporary PullbackOn the 1H chart of Corn, we are observing an idea of a contra trend movement taking place, after a five wave drop had unfolded from 440'6 highs. We are talking about the A-B-C correction, which could now be already in the final stages of its completion, as we see price trading in the final leg C. This commodity could still reach 409-412 region, before turning lower into a new five wave sequence.
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123 bottom patternGood time to go long, see 123 bottom pattern. Going in a uptrend to retest resistance. Target is at 420'0 on resistance line.
Corn OpportunityMany signs of bullish, nice opportunity guys!
In the other hand remember that if the bullish channel is broken this hypothesis is discarded.
CBOT:ZC1!
Corn CBoT hit all stopsCorn:
Price was severely hit during Tuesday's session which teaches us again why stops are so important. We were enjoying a nice ride up that started during first half of May and price is now traded down back to exact that level. This is why one should never forget to gradually take profits from the table and to maintain disciplined stops on basis of both end-of-day and intra-day. This price lost a whopping 14% during last week and stops were hit. We will let this market now go and find some basis for one or two weeks and will look at it later again. We see no use of trying to understand a market that moves 10% or more in just a week's time.
Corn CBoT maintaining long positionCorn:
Price made a very strong move to the upside last Friday and posted a new high for the contract. If a price posts a new high it is usually a sign that it wants to trade even higher (and the other way around) although there is no guarantee for that. More significant is that price closed at/near the HOD (high of day) which is a bode for a higher opening for the next session with a high probability of a follow through.
All together there is nothing much new for us to see on this chart. We are enjoying the ride that started during first half of May and we keep trailing out target and, more important, our stop loss level. Positions will need to be rolled over soon (preferably this week) and traders need to be alert for slippage.
CornAround highs , Decision point , profit taking by longs , getting into new short positions. No trades for now. Let market find it's feet firts.
Corn CBoTCorn:
Nothing much new on the chart that would make us change our views. The weekly chart (not displayed) is showing a very long topping tail that could indicate the bulls are running out of air but we would need to see a confirmation of that after the next weekly candle only.
Price almost reached our 2nd target at 450 during Friday's session and we have trailed same target up to 460 now. We might decide to keep trailing up same target while downsizing the position and thus locking in profits because taking profit won't make us any poorer. We will definitely keep trailing up the stop.
Corn CBoT further developing as anticipatedCorn:
Price traded further up and reached our first target which is not a reason for us to square the position but rather to trail our intra-day stop up to a level where we optimize the profitability of the position just in case that the picture radically reverses. We would like to see a bit more impulse of the move up during the coming week in which case we will probably move our target 2 up a bit as well. For now we are comfortable as we are and we see no reason to start fumbling this chart.
You cried for inflation? Here it comes! Cheap grain is over!Weekly:
- Ichimoku: Bullish Kumo brekout and break of bearish trend!
- Heikin-Ashi signal is bullish with strong momentum
Daily:
- Bullish Ichimoku
- Bullish Heikin-Ashi
Any pull back is a buy! Corn delivers a strategic bullish reversal!
Corn CBoTCorn:
Price is simply following our preferred path quite nicely since one month now and we do not see any reason to change our bias not our lines in the chart. We let the market do its work and trail our stops up accordingly.
Corn CBoT Corn:
No changes in our bias and expectations. Price is following our preferred path quite reasonably and we do not see any reason to change our chart. We would like to see the immediate previous high of 400 broken during next week.
Corn CBoT N16Corn:
No changes for our outlook on corn. The price develops as per our preferred path and is heading for our targets. We have inserted a possible alternative routing for price but the bottom line remains the same: 450 during this summer and we do not exclude an additional swing up from there.
Trade Idea for Corn (July)A Conservative entry around the 50% retracement of today's price action would be ideal. A risky trade would be an entry at or near the close. I say its risky because of the sheer aggressiveness of the bar's price action. These tend to lead to a pop in price in the opposite direction for those taking profits sometimes in the vicinity of 100%.
Anyway - I will not be in this trade unless I can close my other positions and get in the action tomorrow at the conservative level.
Good Luck and remember, always another trade...don't ever force a trade
