Long-term fundamental is bearish. US has big soybeans stocks, export is falling. Harvest in Brazil and potentially big crop in South America adds bearish sentiment. Weekly chart shows rejection of VAH, price moves down inside balance, so I'm waiting the continuation of price falling.
Please keep in mind when reading all of my charts I am still a novice and have very much to learn! But I still enjoy sharing my thoughts and interacting with the community, so here it is:
The trend seems to be up so I like looking for a buy. The bullish Gartley completes at 10.437. This may be located on the trendline depending on when it completes, but seems it...
My main idea here is to watch for weakness and short in the red area which is the completion of the two bearish AB=CD patterns shown in the chart. There is also a longer term downtrend line at this zone which would be a nice place to enter. At that point I will also look for divergence in my indicators, as well as check for any warning signs such as large bullish...
In the chart are potential patterns which I have identified on the long term Soybeans chart. While only some or even none may complete I will be using this idea as a journal which I am planning to update every week or two regarding the patterns in the chart or any new patterns which I can identify.
If the smallest AB=CD patterns shown fail the trendline will...
Since my last discussion on Renko Charts, I've made some changes to what my view of long term vs. short term is. Currently, I'm experimenting with a 2hr and 5 min chart
I'm continuing focus on my primary scenario of a breakout of price based on consolidation dictated by the ADX of the DMI. The general goal is to find 2hr charts that have an ADX reading of 20...
I've included several charts here that high-lite some of my current thoughts on Soybeans. Starting with the monthly chart and then working through the weekly, daily, and then 4hr that has some thoughts on entry into the market to long side.
Weekly:
Daily:
4hr:
Is soybeans setting the stage to make another run at an upper channel line of resistance started with the August 2012 high? Current weekly and daily action looks like this is the case. Should price continue up, how it responds will indicate if new shorting positions should be taken of existing longs can be held. Another option would be to hold longs with this...
