Wheat: bearish hidden divergence.Bollinger bands breakout with shooting star on weekly timeframe (similar bearish breakout already confirmed on the daily).
BB are going wider after squeeze = increased volatility ahead = potential sharp reversal.
WHEAT trade ideas
Wheat Bull marketbottomed at 3.7, wheat has break through the trading range in 3.7-4.15, reach a new high in two recent trading days. Keeping long position :)
Wheat 2618 Trade Opportunity 01/11/2016I previously shorted wheat 1 pip from the top and it was a very nice trade (although I closed too early around 3.99 or so). Price bounced from the .382 fib of the larger up move but the price action in the current area looks weak. I am looking to re-open shorts at the levels in the chart but only if no warning signs are present -- big bullish candles, oversold RSI , etc.
This is not meant to be a trading signal so please do not use it as one -- I still have very much to learn as a trader and none of my ideas are trading advice. That said I always appreciate any comments and feedback on my charts and ideas!
TRIANGLE PATTERNStructure indicates we will have a continuation of downtrend and breakout from triangle.
The other posibbilty is we might have another up move and begginning of new trade.
Either way is good opportunity to trade...
Current thoughts on wheatThe following are some charts that have my current thinking on wheat on them which includes monthly, weekly, daily, and 4hr.
Weekly:
Daily:
4hr:
Wheat going short after consolidation!?....I predict a short of a minimum of 85 pips currently??....
20161015 Wheat ForecastBullish move is confirmed by volume and MAs. I believe wheat will make about a 12% upward move in the next month. The target is a confluence level of 0.618 and volume value area.
Sideways price actionPrice is within a tight sideways channel. Short resistance and buy support, until it stops working.
