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WEAT Trade Update, Pullback To Support

After hitting T1 & reversing a mere penny shy of T2, WEAT (Wheat ETP) has now pulled back to the former R1 resistance level which is now support. As such, WEAT offers an objective add-on or new long entry with a suggested stop on a daily close below 6.85 (which is 15 cents above the suggested stop on the original trade entry on the breakout of the bullish falling wedge pattern as an entry here would be above the original entry price).

WEAT daily Jan 30th

WEAT daily Jan 30th

@shrinal12

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5 Comments

  1. Shrinal12 January 30, 2017 2:49 pm at 2:49 pm

    I wanted to use /KE as my proxy. Any idea what a daily stop would be. The best I Could come up with was 408.

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  2. Shrinal12 January 30, 2017 3:02 pm at 3:02 pm

    Actually /ZW has better liquidity. I might use that and a daily stop below 404 with an entry around 414.25 or better. So 41 handle SL on one contract.

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  3. rsotc January 30, 2017 3:46 pm at 3:46 pm

    Looks like a pretty decent support zone on /ZW from 410 – 413 with 410 the more significant level IMO. Therefore, a stop somewhat below that, maybe on a 60-minute close. Chart below. G-luck if you take it!

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    • Shrinal12 January 30, 2017 5:06 pm at 5:06 pm

      Thank you Randy.

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  4. Dazi January 30, 2017 3:54 pm at 3:54 pm

    Got back in at 7.03. Thanks, Randy.

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Comments are closed.