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Wheat Markets Recover On Thursday
By Alan Brugler | Aug 13, 2020 Read the full article here
My short term indicators are bearish for September Wheat (ZWU20). Expect lower prices over the next 3 to 8 days. There is a bullish engulfing candlestick pattern on 8/13/2020. This pattern will likely be a failure this time. Here is my suggestion for trading this signal:
Place a sell stop order on 8/14/2020 to enter short at 489.00. This is the three-day average daily low price.
If filled, place a trailing buy stop loss order at the three-day average high price. The buy stop for 8/14/2020 is at 499.25. You will, of course, need to ratchet the stop loss price each day.
If you are not filled then my indicators were wrong and you never entered short and there was no loss.
Chart is courtesy of barchart.com
Many profits and much success!
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Futures and forex trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones’ financial security or lifestyle. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results.