High time to sell soybean

This chart is beautiful as it presents a great selling opportunity.

Now the profit target (red dotted line) is also the 618 FIB level so if it reaches there
,expect some pullback as well. It could also retrace a little and continue to dive
southwards to meet the gap to be closed.

However, if the price action does reverse and pullback aggressively back into the bullish trend line, then this selling order is cancelled.

Be flexible, be like water.

Kommentera:

Sometimes, pull back may not happen the way we want it to be like this chart here. You can see it has dropped 3 days consecutively after breaking down.

8562 as the first level of profit is likely going to happen before we see the gap being closed. So wait patiently for the selling opportunity. If you decide to chase it down, be prepared for a pull back that is fast and take you out.

Trade cautiously.....

Kommentera:

We are out of this contract and is now awaiting for the price to return to the bullish trend line. Once price action confirms, we would initiate a buy.