Feeder cattle (March Futures) long at bottom of channelUS Dept of Agriculture will release Feeder Cattle monthly data at 2pm Chicago time. 3pm NY time
There was a large drop yesterday due to Live Cattle news Note also that Live Cattle (Not Feeder Cattle) options expire on Feb 28. So it is always possible that price could be kept down till then
Stop below previous low 142
Enter at 144.4 (or lower) It is news time so we may have some volatility
Take profit at the top of the channel.
GF1! trade ideas
GF1! bubble, xabcd, abcd or wave 4-5?For 8 consecutive weeks feeder cattle has continued to be in control by the bulls. How soon will they start emptying their positions?
i have drawn a few waves on the chart, Im not a wave or a xabcd or a abcd pattern trader, However I do understand the concepts but i am no expert on it.
which is why I wanted to point out this chart and hopefully someone with some expertise can give there hindsight.
GF - Waiting for post WASDE report on ThursdayLonger trendline would be broken if it closes here or a little above. We are looking to get long after Thursday's WASDE report. Those reports can swing grain and meat futures wildly. The risk/reward on this longer term trade is 5:1. Meanwhile, we are watching and waiting for confirmation of our analysis.
Feeder CattleApril Feeder Cattle tried Wednesday to do what Live Cattle did, but met resistance. Corn like beans, tried to do a push upwards today, but unlike beans, met disappointment. If Corn falls we may see Feeders rise again. Feeders trying to move back into the 1/1 Gann Fan to become a stronger uptrend and move on to a Butterfly.
Feeder CattleApril Feeder Cattle down today. Starting to leave the 1/1 Gann Fan and weaking. If Corn stays weak we may see a little more up, otherwise this market may start to deteriorate. Feeders still above the 20 day moving average and hasn't broken trend. This market has also achieved a Bearish Gartley so a downtrend may start to happen.
April Feeder Cattle continues downApril Feeder Cattle continued its progression lower off the Gartley pattern and stayed under the 20 day moving average. Looking for next low of 123.425. A round top has formed suggesting further lows. Largest potential move to 38.2 retracement. March Corn rose today. Tomorrow might see Corn 360'6.
March Feeder Cattle Almost break outFeeder Cattle almost broke out of a bullish flag today. Corn was down but created a continuation cross. There is an upside wedge forming here over the last few weeks. Could go either way for corn. Corn sales would make this market go higher. Look for more sideways play. Feeders may attempt another push on Monday. There is mixed weather over the plains. Marketers don't want freezing cows in pens. Might hamper upsurge. If sales are brisk, that may help Feeders rise. Feeders still steady in Gann Fann 1/1 indicating a strong market.
March Feeder Cattle Slown by CornFeeder Cattle continued up trend heading for 130. Like LIve Cattle, had an uphill battle. Look for possible continuation. Corn was up today but traded back substantially. Possible second day serge up, or reversal that will be good for Feeders. Cross candle sticks and hammers may occur.
Jan Feeder Cattle Held FirmAlthough corn prices rose strongly, Jan Feeder Cattle held firm to keep Elliot Wave still in play. Seeing the structure of corn locked in a wedge, and a lot of corn still out there, we may see Feeders rise tomorrow. Previous incarnations of a Bearish cross showed upside possibilities. Gartely still possible to 132.675
January Feeder Cattle Possible CorrectionWith the rise in corn, January Feeder Cattle under pressure to make a correction. Having a tough time crossing the 61.8 level of a Gartely pattern. Look for prices to fall to 31.8 and beyond. Watch corn prices. If they continue to go up, Feeders will go down.
August Feeder Cattle ShortThe Market has made a New Structure Low, which signifies we could have a continue in our downtrend. The market became oversold yesterday and had a little bounce. I would expect prices to rally back up into the $141-$144 level before reversing again. This is a good area of prior resistance/support and would be a 61.8 retracement as well. If this trend continues I could see the market pushing back down to $117, which was where the big rally came in August 2015.
Feeders...Freefall?Feeder Cattle exaggeratet late 2014 and passed 2.40 $/lb, now the trend turned from up to down. At moment trading around 195.
130 c/lb is possible within the next 90 days, more to follow...
Stocks are building up, Beef wholesale prices are too high and US citizens are changing their attitudes, and the majority technical indicators are deeply south!!!
Possible move of 66 cents x USD 500 (point value per contract) = USD 33'000, ...why not try?!!