As a market technician, sometimes I gotta just turn the TV off and look at the charts. I know something is going to happen around 10 am tomorrow, so I might be watching the price action around that time if I’m available. But I won’t be looking for immediate price [...]
Commodities have been on an absolute tear since Dec 2008 with a return of around 89% on the CCI over that span. However, this market may finally see a correction. The market just recently tested the March 7th high and has sold off since. It took 7 days from the [...]
July Cotton reached its H&S Top objective today ~ 149.03. It reached this area pretty quickly: over 39 points in just 12 trading days. The reward to risk ratio was a solid one: 2.63 to 1.00. It takes deep pockets to trade this market, but if you have the capital it [...]
Cotton has moved into July from March. So I will now focus on the July chart. Yesterday we got confirmation of a h&s top with a close below the upward sloping neckline. This patterns target is around 149.05 with an initial stop at 203.30.
There is a possible buy zone shaping up in the Euro. If we can get down to the 1.4075-1.4095 area sometime today I would look to get long with a stop below the most recent pivot low of 1.4041. This area could produce a real nice bounce. […]
Cotton has been on an impressive up move since mid 2010 appreciating over 150%. However, we are starting to see some signs of a possible H&DS top forming. The chart shows the Left Shoulder, Head, and Right Shoulder have all formed. We are now just waiting for confirmation, which would [...]