April Lean Hogs (/HEJ6):
Perfect ascending triangle breakout.
Long 71.15, measured target 74.40.
Also some confluence of resistance on daily chart there:
March Cotton (/CTH6):
Previous bearish channel where prices rallied and failed at 50%Fib & channel low levels. Now a new bullish channel is developing. Good place to get long around 59.50/59.40. Risk 58.95 = .55 ($550 on 2 lots).
May Coffee (/KCK6):
Triangle breakout potential here with upside measure target at 121.50/122, downside target 112.50/112.00.
May Sugar (/SBK6):
Trendline breakout. Long 13.30 yesterday. Target 14.00, second target 14.35.
**starting to look like it's still balancing a bit sideways; needs support at 13.00 to save this over next 2 days, I suspect.
TOS GUI crashing... Will continue other thoughts, observations tomorrow morning.
Going to watch a rebound to the top of the channel (which could coincide with crude bounce - starting to feel a bit stretched on crude now) and that TOC also nice confluence with previous swing high of 1.7700-1.7750 zone. If it rips quickly to 1.8000, that would be an ideal short area. Will keep an eye open.
We have arrived.
Long futures 1.531, stop under that swing, 1.50
That's the continuous contract view... here's Oct (V) daily chart:
Long 1.385, stop 1.30; risk = $2,100, target 1.45, gain = $4,200.
A closer look:
Clearly a big downtrend. Broke out of the triangle, which I missed, and has now retested that resistance level and Friday was an outside bar on the daily. Each previous swing high OB signal resulted in a solid move to the downside (as has the buy signal).
Trade, short Sept Silver 15.225, risk to 15.60 = -.375 or 75ticks. A 2:1 target comes in just off recent swing lows 14.475 (shown dashed line) and further downside could open up below swing low and 52 week lows. Risk $1875, Profit = $3750.
8/20 update: Goes +$5K next day after entry!!
Snaps back past b/e pretty quickly as stocks tumble and PM's catch a big bid!