CBOT Wheat is range bouncing! WHAT NEXT?
My current view remained neutral with wheat being in a range of 632 - 670. However, wheat could develop a bullish move on Monday and early Tuesday due to USDA Supply and Demand report later Tuesday.
Wheat is overall bullish trading in this range, so we should be looking for Trend-Following Buy setups as it approaches our lower orange demand zone at 625 - 632.
So the highlighted green zone is still a very strong area even though it is tested a coupled of times. I strongly believed that this is where smart money a.k.a institutional traders stops hunt and they are looking forward to make the market move higher.
As per my trading style:
I already have a couple of positions open at 626 and 630 with stop losses somewhat at 615.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
~ Tuan Anh Commo
My current view remained neutral with wheat being in a range of 632 - 670. However, wheat could develop a bullish move on Monday and early Tuesday due to USDA Supply and Demand report later Tuesday.
Wheat is overall bullish trading in this range, so we should be looking for Trend-Following Buy setups as it approaches our lower orange demand zone at 625 - 632.
So the highlighted green zone is still a very strong area even though it is tested a coupled of times. I strongly believed that this is where smart money a.k.a institutional traders stops hunt and they are looking forward to make the market move higher.
As per my trading style:
I already have a couple of positions open at 626 and 630 with stop losses somewhat at 615.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
~ Tuan Anh Commo