when the 4hr cross comes in (4h 20ema through daily 20ema) there is always some sort of retrace. I sold and reversed short but kept getting knocked out, then gave up. of course then it dropped like a stone, went below what i would have expected. would have been a great trade.
but i did buy the bottom and still think this will rock. fingers crossed.
when the 4hr cross comes in (4h 20ema through daily 20ema) there is always some sort of retrace. I sold and reversed short but kept getting knocked out, then gave up. of course then it dropped like a stone, went below what i would have expected. would have been a great trade. but i did buy the bottom and still think this will rock. fingers crossed. {image}
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this turned out to be a good purchase. not often you see the 1h 20ema bounce off the 4h 20ema and have that also bounce of the daily 20ema all at the same time. the results are almost always explosive. so this ain't over bro.
see circled in chart....
i have remained long in my position. end of session cummulative delta suggested they bought all sellers.
nice start to the week, though TV has already rolled over the contract, Feb is around 810. these setup don't come around often, so i'm in large. fingers crossed. {image}
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sorry been too busying trading this to comment, mostly stuff off the 15 min chart.
on this move I got canned as started to think long term and that was against the setup i entered the trade.
key moment to drive wheat south came and went. for the moment it looks like 1.272 fib is going to hold. main session will tell more. soya appears to be driving this higher... possible long setup off the daily chart. we'll see. {image}
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this chart is now active (from the daily). there is still a chance is will fail (friday's movement does put it in doubt).
however, potential war with russia is now putting ukraine wheat off the table (russian too probably). this could get very hairy indeed.
look out above.
ps. already premarket (market was on hols today), the market is showing 10 cent rise from friday's close.
2022/23 world #wheat use is projected to rise to a fresh peak, mainly on food consumption gains in Asia, while potentially large availabilities of alternatives, incl. #maize (#corn), are expected to cap wheat feeding in some consumers, notably in Europe and China.
