LE1! trade ideas
Live Cattle Bearish FlagDecember Live Cattle tried to promote a bearish flag today. Some traders really want a double top for Cattle at 104.825, but there is more opposition to a downward movement than up. I am not counting out the bulls just yet. They are an ornery bunch. Suspect more up and down to follow. Bearish Flag still in the running though, but still in an uptrend.
Live Cattle: Looking For Lower PricesComments on the chart. Would not like to see 119 as this will trash this idea
Live Cattle bullish flagDecember Live Cattle produced a bullish flag today. This ones a little more questionable. Need to see if upward movement starts around middle of the flag to suggest a bullish flag. This is still an uptrend market. This market like Hogs is caught in a wedge. Until confirmation of direction won't know if this will continue bullish for a double top or bearish.
Live Cattle hit 103.500Live Cattle rose off the harami pattern to 103.500 target and traded back to 103. There is a wedge forming and predicted outcome unsure. The only thing that can be guessed at is cattle prices tend to go lower into spring. Since cattle prices came down after reaching target, this may suggest a turn around at some time. Looking for dojis or spinning tops at this point. RSI is still on the rise. Until this shows a break, we are still in an uptrend.
Live Cattle HaramiDecember Live Cattle has created a harami bullish setup. Projected rise to 103 or above. Live Cattle locked in a horizontal pattern. The down slide Firday did not get to 101.375. Support comes in at 101.500.
Live CattleDecember Live cattle has formed a tombstone today suggesting an end to upward movement. Struggled to make higher highs. Still watching for a double top at 104.800, which may not produce anything. Short term bearish butterfly forming. Market doesn't want to go down and doesn't want to go up. Initially did a double top at 103.625. This may be the turn down. Also could walk itself up to 104.800, then turn. A lot of sells were appearing near 104 today.
Live CattleDecember Live Cattle broke up sharply today creating a gap. Looking for a double top with the B position of the Gartley or the A position.
Live CattleLive Cattle broke trend a couple of weeks ago. Now in a congestion pattern. Live Cattle after January usually starts lowering. Not saying it will do this, it is just what previous years have shown. Open Interest is flat. Until next trend is achieved just watching. This is December contract, but all are doing similar things. Cattle may try to double top in the next week, or completely fall.
Live CattleTook several pushes to close the gap left on the 27 of January. After which we see a fall in price. Support of the fall is at 112.225. Live Cattle may continue to falter or make another drive for a double top. Cattle are moving out of the Gann Fan 1/1 and into the next level weekening this uptrend.
Live CattleApril Live Cattle continues inside the bullish flag and has hit the upward trend line. CCI has been breached. No clear sign of a continued uptrend, or a downtrend off of the completed Cypher pattern. Support is at 114.825 point X of the Cypher pattern.
Small body candle Friday may be indicating reversal as it has in the past, however, historically, Cattle moves lower in February to May. This flag may go sideways. In the long run, look for double top reversal, or continued downtrend.
Live CattleApril Live Cattle is still in bullish flag and has hit uptrend line, broke the CCI line below, and is under the 2 day moving average. Possible upside tomorrow, unless trend broken and stays under trend at end of day, this could be a turning point.
Live CattleApril Live Cattle continues building the bullish flag. May see an up day tomorrow as whenever there is a fall, it gets immediately bought back up. Next target for bulls is 122 area at 141.4% of Fib. Support at 116.175. This market could use a little more down to clear out RSI.
Live CattleApril Live Cattle is creating a bullish flag setup. Based on previous flag setups for this uptrend, at least two bearish candles need to be created and then the up surge. This market is still a buy until trend is broken.
Live CattleJune Live Cattle was a disappointment with only a little gain off the bullish flag. Now in overbought territory, we may see a fail here and lower prices. If bulls can push higher we may see 109.65 as next target for bulls. With a higher high and not a doji, it might be a little at a time for the upside
Live CattleJune Live Cattle rises out of a large bullish flag. Next target for the bulls is in the 110 area and further up to 111.075 to complete the Butterfly.
Live CattleJune Live Cattle fell today and outside the bullish flag. Still inside the mini Cypher pattern. Seeing this as still a bullish market until which time it turns. See prices play around the 105.350 area.
Live Cattle another Bullish FlagJune Live Cattle maybe creating another bullish flag. This market is still bullish and remains in the 1/1 Gann Fan and is above the 20 day moving average. Will we see a fail tomorrow for lower prices? We should note that Live Cattle has made the top of the mini Cypher pattern extension.
Live CattleJune Live Cattle moved higher today. It touched the mini Butterfly extension and traded back a little. We have updated the previous major Cypher harmonic pattern to a Butterfly seeing that this market is still bullish and within the 1/1 Gann Fan. Next target for bulls is 111.050.
Live CattleJune Live Cattle was up aggressively today charging up to 105.40 breaking the downtrending wedge. The previous Gartley pattern that was inset is no longer possible. The new pattern is a bullish butterfly. Next target for bulls 106.375, and if they can pull it higher the 141 extension to 108.100. There is still a possibility that a double top can be formed here at 105.625 but seeing that this market has tried several times to go lower just to be kicked up higher, we don't see this as big possibility. Support at 103.700 position 3 of the elliot wave.
June Live CattleJune Live Cattle supported prices at 104 Friday. There is a downward wedge here but prices came back Friday to negate some of this action. A potential small bullish Gartley pattern is taking shape to push prices down to 101.050 before continuing up. If bulls can continue this markets upward climb look for 104.725 as next potential target. If bears can sag this market, look for 102.700 as their target.
June Live Cattle SupportedJune Live Cattle was up today. We still see this market bearish until proven otherwise. Next downside position for bears is below 103.70 to 102. Next long position for bulls is a double top at 105.75 or better.
June Live Cattle Moving LowerJune Live Cattle fell off the Cypher pattern and moved under the 20 day moving average to close near 38.2% retracement. Possible continuation lower to 50% retracement, then 61.8. Found first support from position 3 of the elliot wave. Next major support at 71.8 level created at th AB leg of the Cypher pattern at 101.050 and July 22 of last year.
