SoybeansMarch Soybeans showed a little upward movement. Looking for Thursday's report to show next direction. An open Bat / Butterfly pattern is still holding.
MZS1! trade ideas
CBoT soybeansSoybeans:
We have been calling a bottom in the market about a moth ago and were looking for an decisive advance in price from the 1040/1020 level. However, price has not made the advance but dropped further instead. The pivotal support at 984 has not been broken thus far but the sideways pattern that price has developed during the past 2 weeks does not give us any confidence that the upswing is imminent now. In fact, price has been making lower lows every week during the past month which is a serious indication that more lows are ahead of us before the market will trade up again. At this stage we can even not exclude a possible bear scenario from here with a further 10% loss of value and a tradable low during next month only. The market is most likely to post lower values during the coming 1 or 2 weeks after which we will see whether we still can look for a tradable low or whether we should hold back until mid February. If and when price breaks the 1028 resistance mark we can start thinking about a bull scenario again but for now we want to sideline.
5 Year inverse cycle on SoybeansHere is 2011 into 2012 showing how the 5 year inverse cycle works. A theory exists that the 5 year cycle in some ways creates an inverse relationship in that major tops 5 years prior are indications of major bottoms in the future and same can be said for bottoms to tops. Next chart I will show you 2016/17
Soybeans set for big decline in first half of year.It is this trader's belief Soybeans are about to lose their 45 degree angle of support on the Daily TF. The actual March contract is already trading well below but on top of it's 45 degree angle of resistance from June top. The 5 year cycle(will show in next chart) is indicating that a big decline is getting ready to take place from January into May 2nd. Monday I will open long contracts at 1002.50 and 999.50, stop loss 992. Will take profit at 1033 and simultaneously flip to short contracts on the 12th. Looking to hold the positions and only add on a possible swing trade to the downside.
SOYBEAN sell set upHi guys, hope you all have had a very merry christmas and new year.
Just a heads up on this one, although it looks like it could immediately go to downside, you would want confirmation of downside, so you want to wait for a structure. It is a possible ABC on the retest so having one more move down seems like a logical idea.
Thank you for your support.
soybean breakoutFirst of all, this is a late analysis but it shows a simple textbook style breakout therefore we would like to share. 3 days ago price broke the wedge and the 200 ma down. Next day a little pullback (should have sold here) and another strong bearish candle. If this gives another chance we would think about selling this close to 200 dma. For now this is a sell
Sell the soybean oil I see a three waves structure and the price consolidates around the high level, which means the price could potentially reverse here, the sl and tp area are those red boxes in the chart.
anyway, the exceed of the 38.30 may invalid the setup.
Success
RandR
CBoT SoybeansSoybeans:
Price has developed an ascending channel during the past months with higher highs and higher lows. The latest EW count suggests that price is initiating a 3 of 3 wave which should make price a considerable move to the upside from here. Ideally, price would correct one more time to the lower and supportive line of the ascending price during next week where price should then find support at the 1020/1010 zone after which is can trade up with the 1100 mark as first target during the first half of January. The 1100 region will offer price some resistance and will probably cause a minot corrective move to the downside after which price can continue its move up towards substantial higher levels. If and when price would go down to the 985 level we will have to reconsider our bull scenario
Soybean nice channelHi guys
The ZS1! is in a channel so buying into the impulse wave is a good idea.
Use a tested strategy to trade. If you don't know when and how to enter better not do it because you will not be able to manage it and would likely lose your money. Trading is high risk. You need knowledge, experience, and practice to succeed.
Thank you for your support.
Soybeans to Head Lower With the convergence of the Stoch RSI, downward trend in price, as well as the MACD, I would say the bears are alive.
RSI is also moving down. A long way from indicating an oversold market, but it may be headed there.
Open Interest has been rising as the price has fallen the last few days, which indicates another sign of the bears.
I'm gonna go with a short on these Jan beans, at least for the near term.
SOYBEAN H4 LONGBig rally of price which we can watch on Weekly chart, correction and now price made HH on H4 chart gives possibility to go again long direction at least to 1023. I will observe if price will returne from 61.8 FIBO retracement or lower.
CBoT SoybeansSoybeans:
We are rolling over to the JAN17 contract.
Price advanced further during the past week and broke up through our pivotal resistance level. Stops were hit and short traders are now sidelined.
We now anticipate that price will probably trade further up during the coming 2 weeks or so to reach the 1070 zone (basis JAN17) from where it will probably still make one run down. Breaking further up and trading higher than 1070 will probably mean that a long term bottom has been put on the chart.
We are going to step back in order to have a distanced look at this market for some time.
CBoT soybeans still a sort playSoybeans:
Volumes for the X16 contract are still almost twice as high as volumes for the F17 contract but open interest went already higher for the F17 during the past week. We will roll over soon as well but still kept the X16 for this week.
Price made a 2% advance during the week which is not the end of the world but it did break our first resistance at 975 which is not what we were looking for. The most essential resistance at 994, however, remained intact and as long as that pivotal resistance has not been broken we keep our bear bias unchanged.
The most significant thing that we can see on this chart is that price has not been making any ardent moves during the past 6 to 7 weeks. After it impulsive decline from 1020 to 938 during the last week of August price has been bouncing between the 935/940 level on the downside and the, roughly, 990 zone on the upside without making any decisive moves. This, together with our pivotal resistance at 994 still being intact and the current operative EW count, is a very strong reason for us to keep our bear bias still in force. Nothing much has changed for our outlook in the chart except that we have moved on our price target in time a bit.
The pressure in the market is building up which means that we should expect a violent move on very short notice. Our preference is that same impulsive move will be to the downside with a potential of 10% decline from here. However, price is so close to the pivotal resistance that there is an increasing chance that the move will be up and that we will have to call for a long term tradable bottom in this market as well. So caution is to be added to caution and stops are to be tightened.
