hungryOatmeal4528

hungryOatmeal4528

Cocoa started a correction on Wednesday, after going parabolic. It is doing an ABCD pattern, with "C" giving us a point for defining a bearish trendline. The target is "D", 11,147. A solid close 4H above the trendline, would invalidate this trade idea.

hungryOatmeal4528

USD/JPY price action has been in an ascending channel since September, but it's losing the bullish momentum. It needs to do a solid break above the red trendline to go to the next resistance at 155.95. If the price is not able to breakout, it will break the ascending channel and will go to the next support at 153.390. Then if the Daily 21-EMA is not able to hold...

hungryOatmeal4528

We have three chartist patterns here: 1- An ascending channel. It's top (yellow) it's still giving the price more space to go up. 2- Up trendline (orange). It has been touched and respected three times and that means that the bullish trendline is powerful. 3- Symmetrical triangle pattern. We have to put attention to it, because if price breaks to the upside, then...

hungryOatmeal4528

M pattern was completed with take profit at 1.09160. Now it is ready to bounce up, first target is the M's test of support or neckline at 1.10126. Weekly RSI also indicates that price reached a very important area of support.

hungryOatmeal4528

Currently the price is going down and breaching through all the supports or Fibonacci levels. 1- Price is currently under a death cross (8 EMA above 21 EMA). 2- Pink trend line was broken. 3- Then, price is going down through a downwards parallel channel. 4- There is liquidity still to be met in that green rectangle. 5- 78.6% Fibonacci is coincident with the...

hungryOatmeal4528

The price action formed an inverted cup and handle pattern, were price is currently in a parallel channel that acts as the handle. A breakout under the lower support will lead to the $71.90 area support, then another breakout of that support will lead to the $70.89 or so area. The price is also in a current death cross, the 8 daily EMA under the 21 daily EMA. A...

hungryOatmeal4528

Cocoa (ICE) price oscillated in a rectangular pattern. Price finally made a breakout, after the breakout the price retraced because it hit the 61.8% golden ratio Fibonacci level (not plotted in this chart), then continued its path upwards. After measuring the rectangle height, I projected it to define a possible target of 9636 or so. Then I corroborated this...

hungryOatmeal4528

We are currently above the pivot point. It is wise to wait for the price to continue doing green candles above the pivot point and tcontinues going up above the yellow line of 81.82 for going long and to the next structure above the current one. Otherwise, if the price makes red candles below the pivot point and continues going down below the yellow line of 80.51...

hungryOatmeal4528

Price breached resistance with a strong red candlestick. We were overbought on RSI and we are in a pullback that may reach first the white line at $2.34. MACD supports this, as the histogram shows strong downward selling pressure and the MACD is below the signal line in the 4H chart. Also we are looking a divergence in RSI, doing lower lows, but we still have to...

hungryOatmeal4528

We can see that in the 4H chart, 200 EMA has been a good support for Gold and everytime it has gone down to test it its only to bounce up and do higher highs. Stochastics are at oversold levels, also RSI is oversold, which implies a bounce up to continue the uptrend. The uptrend line in green was breached on Sunday May 19 and Monday May 20 because of...

hungryOatmeal4528

We have the gold price doing higher lows, and the RSI doing lower lows right after a pullback, which means it is going to continue the uptrend. Also stochastic oscillator shows that it is oversold and the price is still above the 50 SMA, so it is a good opportunity to buy the dip and continue at least to the nearest resistance. Thank you.

hungryOatmeal4528

Wheat price did higher highs, RSI did lower highs, we have a bearish divergence. Wheat daily RSI is overbought. Fibonacci extension shows that it can $641, that corresponds to 1.618 Fibonacci. Also we have the white lines that correspond to current supports, at $650 and $633. Thank you.