CommodityTrends Weekly Newsletter

Sunset over a corn field
Grains

Sep Rough Rice has produced a #1 bottom point. I'm still watching for a 1-2-3 bottom formation to develop.

Dec Soybean Meal has developed #1 and #2 bottom points. Keep watching for a 1-2-3 bottom formation to develop.

Metals

Oct Platinum has developed #1 and #2 top points. Keep watching for a 1-2-3 top formation to develop.

Currencies

Last week I wrote. . . " Sep British Pound has developed a 1-2-3 top formation. The break below the July 25 low (on July 28), triggered an entry to the downside. The initial stop loss was placed above the #3 point. The initial target was blue horizontal support level at 1.3174 - which was hit today (August 01). If trading additional positions, consider moving the stop loss to just above today's high."

If the stop loss for additional positions had been moved as mentioned above, it would have been triggered on August 04-yet still had the opportunity to protect profits. 

Meats

Oct Live Cattle has produced a new #1 top point this week. Keep watching for a 1-2-3 top formation to develop.

Foods/Softs

Oct Sugar #11 has formed a 1-2-3 bottom. The break above the #3 point on July 25 (by one tick) could have triggered an entry to the upside. The initial stop is just below the #3 point. The initial target is the daily 50% level (17.88). On July 25 I wrote. . . "If not yet paper trading this market, consider waiting for a break above today's high to trigger an entry." This occurred on July 29. 

The stop loss would have been triggered on August 05.

Since price produced a new #3 point, another long entry was triggered today when price broke above the August 07 high. The initial stop is just below the #3 point. The initial target is the blue horizontal resistance level at 17.27.

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