mxb1961

mxb1961

Is USOil ready to test 60? This idea is based on my ongoing learnings with Renko Charts in conjunction with indicators I've used on other types charts. I currently have 3 views of a market that I'm looking at and for USOil it breaks out like this: Daily TF : source/close | style/traditional | blksz/.50 2Hr TF : soruce/close | style/traditional | blksz/.25 ...

mxb1961

It looks like Live Cattle is pausing to correct before next run up. On the 2hr renko chart (blksz .50), the charcoal box represents what the 5min renko (blksz .25) expands out to. I think that the 5Min will need to go through a corrective cycle prior to price continuing up.

mxb1961

I try to follow the meat complex but get distracted by other markets. Hogs and Cattle, since November were apparently the markets to follow and, for some reason, I haven't tracked them. Hogs have made an incredible run since mid November and could be at a pause point. How they open this coming week should add clarity if there is more to the correction underway...

mxb1961

Since my last discussion on Renko Charts, I've made some changes to what my view of long term vs. short term is. Currently, I'm experimenting with a 2hr and 5 min chart I'm continuing focus on my primary scenario of a breakout of price based on consolidation dictated by the ADX of the DMI. The general goal is to find 2hr charts that have an ADX reading of 20...

mxb1961

One of the first links I came across which seemed to have the least complex strategy: www.dailyfx.com Another challenge I quickly came to was what settings to use on TV for Renko charts. A special thanks for @GcNaif for helping me with these configurations for Crude Oil (which I've used similar concepts for other markets listed below) I've carried over some...

mxb1961

Based on the monthly and weekly charts, DXY may be approaching resistance of an upper channel line in the area of 104.4x Weekly:

mxb1961

The following are some charts that have my current thinking on wheat on them which includes monthly, weekly, daily, and 4hr. Weekly: Daily: 4hr:

mxb1961

I've included several charts here that high-lite some of my current thoughts on Soybeans. Starting with the monthly chart and then working through the weekly, daily, and then 4hr that has some thoughts on entry into the market to long side. Weekly: Daily: 4hr:

mxb1961

These charts represent some thoughts I have on current crude oil prices and action. I'll start with the monthly chart. I believe that a major downtrend is still in play and that price is moving up toward the upper channel. Weekly chart: Daily chart: 4Hr chart: 1Hr chart: Bottom line: watching the ascending triangle on the weekly...

mxb1961 Updated 

During the past several weeks, I've noticed something evolve in crude oil on the daily ADX called a 'change in dominance'. This is where the ADX is above 20 and the +/-DMI swap dominance resulting is a 'V' type ending to a trend. The setup for the pattern was an ADX reading below 20 resulting in a consolidation in price. Then, price broke out and ADX began to...

mxb1961

Is soybeans setting the stage to make another run at an upper channel line of resistance started with the August 2012 high? Current weekly and daily action looks like this is the case. Should price continue up, how it responds will indicate if new shorting positions should be taken of existing longs can be held. Another option would be to hold longs with this...

mxb1961

Since the end of September, crude oil has been on a roller coaster ride with $6 - $10 price swings and not pausing to catch its breath. I think that this week may signal a new consolidation phase before the next leg up on an ascending triangle that's playing out on the weekly chart. If this plan is to come to past, the first milestone will be for daily price to...

mxb1961

On weekly chart, it looks like Soybean Meal is ready to make a push higher. Could we see it challenge the highs of last June?

mxb1961

Is current USOil price action forming an ascending triangle or a rectangle channel? I think that the price action over next several weeks will provide an answer. On the daily chart, price has moved back to a 50% retrace of a rectangle channel but it has also recently bounced off of a potential trend line forming the bottom of an ascending triangle. The one...

mxb1961

Using the weekly and daily chart for USOil, I think that price is setting a third base in an ascending triangle. There looks to be a good area of support at the 42.9x - 43.1x area and will watch to see if price moves up off this support. Watching the HA chart (top) for some type of pattern to signal trend change along with confirmation in indicators. If this...

mxb1961

4H chart watching two lines to see if they hold. Watching blue line formed by potential negative reversal in RSI and red support line. If resistance holds, then price should continue break of support. From the negative reversal, target would be 40.3x

mxb1961

Preconceived ideas, notions, and predictions of markets are the biggest impediments to profitable trading. Like any other addiction, staying away from such things is a daily, hourly, and minute struggle with constant painful reminders...

mxb1961

Soybean oil is still looking bullish on both the daily and weekly charts. The 4H chart has its ADX drop to 20 with both +/-DMI below it so some period of price consolidation is expected. However, the last time this type of consolidation happened on 4H chart, there was a big move up on the breakout. With the daily and weekly ADX both looking bullish (ADX above...