ZW1!
Time to pick some CornCorn has broken and closed below it's wedge on a weeky time frame. We are looking for pullback triggers to get involved to the short side. Targets are identified and the stop will come from the trigger (on a 60 or 240 min chart)...NO TRIGGER, NO TRADE!
The squeeze is comingAbove 998 and the squeeze will have shorts scrambling. A close above this area and we will be looking for triggers long.
No Chicken dinner today!ZC is starting to feel choppy in this area so we are taking off our long position at a small loss. Like we mentioned, this could chop until harvest starts. We will keep her on the watch list. NEXT!
Head Fake HarryAnd there she is! After the crop report the boys decided to give a little head fake and run the stops of the weak longs. Now if we get above the 362.2 we could see a nice squeeze would could pop us. We are long and will be holding for the gap fill. Understand we are not fools at OFT... we can read. We understand that the agency is calling for a record 14 billion bushels of Corn which could weigh on an already weak market. This is why we weigh our risk first. We feel this move serves us well. Only time will tell. That's trading. Stay tuned and trade well.
