LE1! trade ideas
LIVE CATTLE futures . Long on retracementLive Cattle -0.04% prices tend to follow clear trends , as can be seen by the descending channel from 2015 to 2017 (almost 2 years)
Options expiration is February 28.
I will look for support on the current parallel or retracement to the lower parallel for a long entry. Stop below previous low and take profit at 25 centile. Depending on price action I may keep the trade open and move stop up to 25 centile.
Possible trades are outlined.
I would become bearish if price falls below the lower parallel
Live Cattle Bull SharkApril Cattle is building out what appears to be a bearish flag today. Won't know until end of day if it does a full drop or doji. Bull Shark pattern is the next projection. There is very little upside on this month as R3 isn't far away, but it could still find some strength to tap out RSI.
April Live Cattle H&SLive Cattle creating long term H&S on most charts. Ran into some head wind today for another move higher. Trapped in a three drives scenario. Had broken a downtrend line at 123 and above the 20 day moving average. Went negative today. This may be the top end of the last shoulder. Need more confirmation. Still potential to move higher as there is a projected bearish Cypher in play.
Feb Live Cattle BatFeb Live Cattle made a bullish move today creating either a three drives scenario or a possible bearish bat. Cattle needs to break 121.900 and hold steady above this line to get any traction. A fail would put us back into a horizontal three drives pattern. Since Cattle loves double tops this could also be a bearish Gartley stopping at 126.475 which is the current pivot. In coming pivot would be around 122.200. Significant trading came in at 118.850 so that would be support for this uptrend. Overbought RSI would take us anywhere between pivot 126.500, and 130.
New advance in Live Cattle Futures?I´m bullish for Live Cattle. Although it seems that 120 marks a Double Top in the Futures, this can be only wave 1 of a further advance in wave C. The wave count would be invalid if wave 2 breaks to new lows. Otherwise a significant advance above 120 would support my bullish view. Next targets are 127 and then 134.55.
Live Cattle approaching pivotal moment...A confluence of signs are pointing to a reversal of the minor downtrend in cattle. The 118.75 level has been tested several times. Looking for a closing break of the trendline accompanied by some solid volume to validate the reversal. If so, looking to cash in a little with a minor price target at 125.
February Live Cattle H&S, Bat, Gartley?Feb Live Cattle could be forming two things. 1. massive H&S or 2. Bullish Bat / Gartely pattern. LC fell off of a bearish flag on Friday and moved lower today. Next dowside target is to break support at 122.250, then S1 at 120.325. RSI still has room to move down before hitting potential support line at 38.
Classic Breakout---------------------------------------------
FUTURE - LE1! (Live Cattle)
Chart timeframe - 4hr
Area of interest - 104 , 128
Potential target 1 - 116
Potential target 2 - 122
Potential extended target - 128
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Trade Safe everyone!
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short live cattle after retracegot a good trade shorting live cattle 1.43% through COW Puts, exited when green line "stops" got ran.
now waiting for possible retrace up to grey boxed area to sell some cow calls.
cow is etf split between LE and HE. chose COW as it has options and higher weighting towards LE .
may grab a small call spread if LE retraces down into 105-110 levels
4 or less by GROSS positions on Live Cattle futures CMEClosing Aug 17 and even October contracts see reductions on Open Interest (CFTC COT)
It's seemed like October has a big volume & Open Interest, however, the OI is shifted to December 17 contract according to the daily volume & Open interest CME group.
As it's for corn- Live Cattle contracts also closing longs & shorts, only the shorts are unwinding faster than the long open positions.
December Live CattleDecember Live Cattle is creeping its way towards a Bullish Cypher. Next downside target is 113.45 and possible end at 111 before turning north. Live Cattle broke the uptrend line on Wednesday. It needs to break 114.650 and stay below to signify a continuation and fulfillment of this pattern.
