(Tuesday, July 2nd) Hi Trader, check out my latest analysis in today's Trade Report.
| UPDATE: CAD/JPY (Target Reached) |
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We pulled swift rewards from the CAD/JPY currency pair this weekend, and I even added a few management alerts in my private Telegram channel to ensure my members stayed in profit. Price gapped higher at the open, and if this is the start of a new trend, we'll be on the lookout for more opportunities to go long in the near future. |
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| NEW ANALYSIS: Wheat (WHEATUSD or ZW Futures) |
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Wheat has been respecting a long-term Schiff pitchfork over multiple years. If you anchor a Schiff pitchfork, starting from the low in December 2016 to the high in July 2017 and then back down to the low in December 2017, then the following happened: 1. A high reach the upper median line on the 2nd August 2018 2. A low reached the lower median line and reacted higher on the 13th May 2019. This tells us that Wheat continues to respect that longer-term pitchfork. |
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The recent run higher found resistance at the 0.786% Fib resistance level which also intersected with the 50% pitchfork dashed median line. 4-Hour Timeframe
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When we switch to a 4-hour chart then you will see that the run higher can be counted as an A-B-C. Was that recent high the end of a correction higher with lower prices to follow? Even the waves from the low, that we labelled as B, count in 5 minor waves, which is typical of a topping structure. Price also broke below previous market structure. All of what we currently see suggests that we might have to start looking for a shorting opportunity. The question now is: where do we enter? We would like to trade a lower high if price starts gravitating higher again, but we cannot simply short Wheat yet because the center median line of our long-term pitchfork lies not far below current prices and will probably act as support for a while. We, therefore, placed Wheat on our watch-list, and will be watching price action from our side until we spot a shorting opportunity. |
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To your trading success, |
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