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Here is a daily chart I did last night in beans. The market is nearing resistance, it's a tad over extended, but to date, there hasn't been any supply. So until we see supply, we could work higher.
Gary
There is a substantial risk of loss in trading commodity futures and options. Past performance is not indicative of future results. The opinions expressed here are those of Gary Fullett, and are not to be taken as a recommendation to buy or sell commodity futures or options. This is for educational purposes only.
Thank you for the chart. How about the wide bar with the weak close on increased volume about 4 days ago? Is that just viewed as profit taking or can that be supply? If price re-enters that area on lighter volume can that be considered deminishing demand?
The bar a couple of days ago was possibly supply, but the market lacked follow through to the down side. So it acts more like a shakeout versus a supply bar at this point. A good example of this type of behavior has been the S&P's over the last few weeks.
Yes, it can be. But remember the trend is up.
Gary
There is a substantial risk of loss in trading commodity futures and options. Past performance is not indicative of future results. The opinions expressed here are those of Gary Fullett, and are not to be taken as a recommendation to buy or sell commodity futures or options. This is for educational purposes only.
There is a substantial risk of loss in trading commodity futures and options. Past performance is not indicative of future results. The opinions expressed here are those of Gary Fullett, and are not to be taken as a recommendation to buy or sell commodity futures or options. This is for educational purposes only.
Hey Gary, can you detail the daily chart for TLT? Just curious ..... When I chart it, I get 108.41 as the level where the "ice" should be noted ..... but obviously there was a tight range, which was recently broken thru on what appears to be supply.
There is a substantial risk of loss in trading commodity futures and options. Past performance is not indicative of future results. The opinions expressed here are those of Gary Fullett, and are not to be taken as a recommendation to buy or sell commodity futures or options. This is for educational purposes only.
Gary, I really appreciate your posts a great deal. I hope you continue to post.
Would you elaborate on edge trades? Is it just taking the last 60 min bar high and low as support and resistance and looking for a range and then trading the spring or UT off of that? Also, if a spring or UT occurs on the 60 minute do you wait for the close of the 60 min bar, or do you dial down to a smaller time frame to look for an entry? Thanks again.
I am looking for the ice support to buy in an uptrend, and the creek resistance to sell in a downtrend, as a general rule of thumb. I always want to trade in the direction of trend. There are setups that allow a counter trend trade at these particular edges. But for the most part, if you counter trend, it should be viewed only as a scalping opportunity.
I do both. The close of that bar would be more of a conservative entry. But there are times when one can be more aggressive if they see the action warrants a more aggressive trade. Edges can be used on any time frame that you see fit, but the smaller the time frame, the more precise you need to be.
Gary
There is a substantial risk of loss in trading commodity futures and options. Past performance is not indicative of future results. The opinions expressed here are those of Gary Fullett, and are not to be taken as a recommendation to buy or sell commodity futures or options. This is for educational purposes only.
I have ice at 104.62, which was broken two days ago. It will probably be resistance on a test back up to those levels.
Gary
There is a substantial risk of loss in trading commodity futures and options. Past performance is not indicative of future results. The opinions expressed here are those of Gary Fullett, and are not to be taken as a recommendation to buy or sell commodity futures or options. This is for educational purposes only.
