(Tuesday, July 30th) Hi Trader, check out my latest analysis in today's Trade Report. Plus: an update on USD/NOK.
July 30th, 2019: Soybean Oil (ZL) Hi Trader, Today we're looking at Soybean Oil for a potential trade opportunity. |
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We successfully traded Bean Oil to the short side, earlier this year. Since the low that formed on the 13th May 2019, Price has been trading higher in an overlapping structure that could be a correction. |
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There may be a Double ZigZag underway which could be nearing an end soon. The last C wave of the second ZigZag may be nearing an end, and if price can move higher towards the upper median lines of two different pitchforks, then we would be interested in shorting Bean Oil within the 29.50 – 29.75 price zone. My Trade Forecast subscribers will receive confirmation alerts in our private Telegram channel, as well as updates in their personal dashboard. Important Note: This trade might carry too much risk for a smaller account size unless you have a CFD account. Also, note that we will be trading the December contract because there is more volume and it is the most active contract. Trading options on this idea is also a possibility, for those who know how to do that. |
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Price continues pushing higher, and we will trail our stop to 8.6750 when price reaches the 8.7455 level. |
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Price Action & Income 816 Ligonier St. Latrobe, Pennsylvania 15650 United States
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