Milk Class IIIMarch Milk Class III found buyers today and rose from an internal bullish Gartley now produced from the high. Look for higher prices. Next target for the bulls is 17.46 would the 88.6 retracement. It could be that MIlk is trying to create a double top or butterfly. Milk has also entered back into the 1/1 Gann fan which strengthens this market. It may also cross the 20 day moving average. If it does this market would be categorized as long.
SMP1! trade ideas
March MilkMarch Class III Milk is creating a bearish flag to fullfil a Bullish Gartley setup. A downward wedge began this possible pattern. Prices may fall to 15.95 if bears have the willingness to do so.
Happy trading.
Class III Milk eclipsed weekly ButterflyClass III Milk found more upside on Butterfly pattern. Weekly chart shows a little more upside than daily chart to 17.5. Overbought scenario may indicate a drop soon.
The Case for Milk with a Complete StrategyObviously you will have to select which targets you feel comfortable with on your own. One thing to keep in mind is target 2 may never get hit, unlike target 1 where there is a clear exit plan.
One way to execute that exit is If target 2 (previous peak in price) does not get hit, keep rolling the futures contract until it does or until stop for entry 2 is reached.
Another way is to close the position if structure invalidates a long position. Or take target 2 at a 382% or 61.8% retracement from entry.
Of course, you could always take target 1 for both entries!
Recent Milk analysis:
Advanced Pattern set-up in line with desired entry.
Class III milk Short playmomentum is building to the downside for a break below current lows. I expect this market to crush through this week and make new lows. As always, tight stops when market moves into profits lock it in. Low risk high reward
