SOYBEANS - Long Idea.I have been watching Soybean futures for sometime now...traded a pullback a few months ago. My broker really is not good in terms of spreads, and even at 5pm spread "pops" whatever you guys call it when the spread explodes at swap time. Anyways. I see that price for several reasons has "bean" climbing. I think, we are going to break to the upside. I see an inverse head and shoulders plus this line in the sand (green) has been challenged so many times. A real tell for me is that for days now price has been going sideways and not showing rejection as one may expect. I will not trade this. -Happy Trading!
SOYBNUSD trade ideas
Soybean Daily Downside Channel Breakout Pullback LONG Soybean is significantly above the psychologically key 900 whole figure level and downside channel in the daily time frame.
In the 4H chart, the upside channel is formed and we consider BUY soybean. The MACD also gives another reference to help confirm the trade.
We are waiting for the pullback to the structure support combine with 0.618 retracement.
Soybeans Fake out?Like what I am seeing here on Soybeans. We have a fake out indicated by the long wick at a very big support zone which can also be seen on the longer term charts.
This interests me because of the long downtrend with multiple waves we have been in. You can also say we have created a double top too. Waiting for a break of the lower high swing and also a flip zone at 8.51. Will provide more context and confluence for out trade.
Many will be inclined to stay away due to the US-China trade war. However, China NEEDS food. They have had their pig population decimated due to the flu and the government is subsidizing pork prices. They do have a food problem and even though tariffs may be implemented, China requires food. Brazil and Russia may be the agricultural winners here.
Possible outcomes for Soybeans tradingAs from the current chart configuration, soybeans show us 2 possible outcomes. OANDA:SOYBNUSD is downtrending since mid july and might continue. The 8.47 level have been acting as support and resistance way back july 2018. The level have shown interest again twice this year.
Knowing this, price should either break the level or bounced. in the scenario price break the support level, we expect it to hit the 8.079 level. Else, a bounce back to 8.748 level is the nearest possible long target.
So what do you think?
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Bearish Trend Coming on Soybeans by ThinkingAntsOk4H CHART EXPLANATION:
The 4H corrective movement was broke a few days ago, it was an Ascending Structure correcting the previous Downside impulse. Now it seems that price is trying to continue towards the Support Zone. If this one is broke then there are two Daily Support Zones at 8.10 and the other at 7.80.
MULTI TIMEFRAME VISION:
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Bearish Potential on Soybeans by ThinkingAntsOk4H CHART EXPLANATION:
At the beggining of May, price started a strong bullish movement towards the Weekly Descending Trendline. Once it faced the zone, it could not consolidate above and the trend became weaker. Then started moving sideways and it has recently formed a Triangle Patter, which was broke downwards yesterday. We expect a downside move towards the Multiple Support Zones.
MULTI TIMEFRAME ANALYSIS:
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WATCH SOYBEAN VERY CLOSELY, STARTING OF UPTREND? 28 MAY 2019Watching Soybean very closely, a close above 8.35 might signal a trend reversal for soybean , notice the 21st May exceptionally large volume and the how the price reverses after going below 8.00. After a clean break above 8.35 , having a buy limit at that area can be a good bet.