Soybeans: Potential Confluence of 2 Bearish AB=CD Patterns
Updated
My main idea here is to watch for weakness and short in the red area which is the completion of the two bearish AB=CD patterns shown in the chart. There is also a longer term downtrend line at this zone which would be a nice place to enter. At that point I will also look for divergence in my indicators, as well as check for any warning signs such as large bullish candles, etc.
For this idea to play out Soybeans still has room to the upside but there is of course the possibility that these patterns do not complete. So for the shorter term I am watching for trade set-ups in either direction with a slightly bullish bias.
Your comments and feedback are always welcome and appreciated.
For this idea to play out Soybeans still has room to the upside but there is of course the possibility that these patterns do not complete. So for the shorter term I am watching for trade set-ups in either direction with a slightly bullish bias.
Your comments and feedback are always welcome and appreciated.
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Likely to enter at 10.501 based on price action around that level. Targets shown in the chart, however if there is momentum I might look to trail stops instead as this has potential to rise to the levels of the larger AB=CD patterns shown in the original idea.
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Missed long opportunity today....watching,waiting...
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Come on downnn
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Still looks good...
Trade active
@ 1017-- on ZSK7
(the original private idea for this trade is below!)
Trade closed manually
Took profits at 1049 as I didn't love how price action looks, RSI very overbought. Nobody ever went broke taking profits! Will watch for next opportunity.
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