Commodity Setups
Commodity Setups
Today’s session once again proves that trading on emotion should be avoided at all cost. Nice little pun there if you caught it. Anyway, I dug up a few juicy commodities setups you may enjoy:
Cocoa looks like a good long here – you might want to wait for a retest of that lower 100-day BB. If this is a floor then I expect a bit of hemming and hawing here to discourage weak handed bottom fishers. So, no rush on getting in. Of course if we drop through 2048 all bets are off and I’m not flipping that trade as it’s outside my comfort zone.
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Crude is sitting at its 100-day SMA just now – great setup with little risk IMNSHO. I’m long here with a teeny weeny stop sitting right below 101. Ready to flip that trade if I get stopped out.
Sugar on its 100-day SMA – you know what to do. I will not flip that trade if we drop through it as there’s support nearby in the form of the lower 25-day BB.
Wheat – not my favorite setup but it’s also near its 100-day SMA. Funny how all those are coming into alignment – maybe that has meaning in itself. Anyway – good long but wait for a retest. Also, if we drop through the 100-day SMA I will not flip this trade.
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Cheers,
