23 February 2011

Wheat : Daily SHS Top Objective Met

  • Timed this short trade to perfection, helped by Libya-led panic liquidation.
  • Short WK1 @ 860.75 yesterday. Out today at 787.50. A cool US$ 3662 per contract.
  • Monthly : Reversal candle being formed.
  • Weekly : Sharp sell-off to uptrend support line now. Expect pause in selling pressure.
  • Daily : SHS top objective on continuation chart met in 1 day after NL break.
  • Square now. Wait for better entry levels for the longer term short trade.

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