WHEAT 4HR Chart 2618WHEAT is in the selling area for the clear 2618 pattern. Profit taking area would be support.
WHEAT trade ideas
Wheat long?If price will break the channel look for sell setups, but if it stops at the yellow line and bounce up look for buy setups.
!!!!WATCH CORN!!! they go together almost all the time
Find a setupHi,
this is a setup for a long or a short position with the same key point.
After the big seasonally short ther is a new opportunity to go long (setup is in the chart) if the red line will hold that means imo that oil will go to 54/56.
If this setup will fail there is a possibility , maybe more interesting, of a fall to main support as is more likely to have during this season.
Wheat Short Position Initiated on Daily ChartWe initiated a short position on wheat futures through OANDA platform on daily chart, based on constructive price action pattern and some fundamental indications that the extreme cautions about the 2017 wheat production are way too exaggerated. As the summer progress we see increasing downside pressure and possible good profit opportunity. Our Reward/Risk is 1, although we expect further downside potential and may join the trend in a later point again. A contango situation when the short position pay off just for holding it is also present that additionally favor keeping this position for longer.
Wheat H1 EW AnalysisIn the Wheat M60 chart we see some 5 wave formation. We are on the way to finish the 3. wave. The subwave 4 is build in the next few h. and we have a chance to trade the correction after subwave 5 to create wave 4. We see the fibo time level 0.618 -1.618. In that area the market has to drop back. If the market do we have a nice entry
Wheat: Let the fun beginSecond correctional wave seem to be completed. Hope you bought the dip :)
Now, we should see third wave advance out from bottom. That can be fun.
Look at chart for expected price path.
Wheat M15 Gartley PatternA new chance to trade a nice Gartley Pattern in structure! S/L is in fav. of my setup you can change the point if it dont fit your style. Target is at the 38% fibu ret. 50% and 61% is another target if you want to
long wheat! buy the dip!?longed wheat at green line area (looked like weekly support)
looks like a nice dip into bullish orderblock + prior support right now (testing consolidation breakout support?)
would add more Wheat longs here
ideally wheat should not move down past the grey boxed area.
Buy wheatHi,
wheat had a good reaction to the big sell and touched a big support. Imo is a buy with tp1 430 and tp2 450
WHEAT - Daily - Wonderful.This is just a wonderful commodity to trade. If there were no broker swaps (holding costs) in this, then it would be even better.
We had some good selling and now we might recover a bit of that.
We are approaching some key levels right now and this could just play out nicely.
The level that I'm watching is 4.15 and then higher. If we close above 4.15 strongly, then the next one watch out for will be 4.30 (23.6%).
But the 4.15 level is also a strong potential resistance level, because we have the trend line running there, which will be tested underneath and we have the 20 SMA of the Bollinger Band.
At this point in time, I would say it's a BUY, to capture a few pips. Once you're in profit, then move you SL just above the entry price, in case it will decide to reverse quickly.
Happy trading and keep your eyes on the price action!
Wheat - possible new trendLast break above downtrend line gives hope for a change of sentiment. Right now the price is closing correction. It is also possible move a litte bit lower, around 4.00.
Suggests a split positions and follow the WASDE report today which will give us an answer what's next.
WHEAT - The start of a new bull marketI would like to show a longer term view in wheat on the weekly chart.
These kind of setups are rare opportunities. I think in 2016 November we printed the bottom of the multi year bear market.
The previous bull market peaked in 2012 summer. After that date wheat started a multi year decline.
I highlighted by red boxes the yearly cycles. In wheat the yearly cycles are 49-66 weeks long.
In a bear market we are printing lower yearly cycle lows and lower yearly cycles highs. If you check this weekly chart it's obvious we had a clear bear market in the last 5 years. But...
There was a change a few weeks ago. The actual yearly cycle peaked higher (5.55) at the beginning of July than the previous yearly cycle high in 2016 June (5.22)... That's a very important character change. This is how the bear market ends and the bull market starts...
Based on this my previous call is possible a bit early... The perfect entry will be most probably next week. The weekly RSI should get more oversold .
If I'm right price will not get below 3.67$ in the following few years...
I still see there is a possibility price is breaking below marginally 3,9$. But as we are printing a yearly cycle low in the following weeks I want to be in a starting position as a rally out of this low will be V-shaped .
WHEAT - New kid on the blockI've been watching wheat since its big pop in June. I will release a detailed report on the weekend. It seems to me the multi year bear market in wheat is over.
The last 2 months' decline after the big June bounce is not abnormal. We have seen similar things in other vehicles.
The reason I enter today is the Bollinger Band crash signal. I highlighted by green the previous BB crashes : they always ended up in bounces.
Yesterday we had a BB crash and today we started the bounce. As we are bouncing from a multi- month support zone this can turn out to be a bottom...
There is still a possibility we tag the 3.9$ zone ( previous DCL) so I'm not going into full position.
Have some dry powder if it continues to fall a bit more.
Wheat - Weekly - Awesome chart!This is one of my favorite commodities to trade. Really beautiful moves.
I think this is still going to sell for a bit and go and test the trend line.
Now, certainly, looking at the Bollinger Bands, then it seems that there is quite a bit of space for it to drop lower and test those bottom levels. That is if it will close below the trend line on a Weekly.
If that trend line will be a strong support for it, we could see a nice reversal to the upside. If it does that, I would still be a bit cautious and if you have placed a BUY position from the trend line, then once it reached 23.6% retracement, I would look how it is reacting. If you have a few positions, you can take off half and let the other half roll, but with a stop-loss that closes in little profit (closer to the entry price). But then again, you do what ever you want. This is just an idea.
Happy trading and keep an eye on the price action!
