Corn ZCN2015 July CBOT - Daily - Time at Mode Analysis
Corn is at a very interesting place here on the chart.
You can buy with a 362 1/2 stop and look for a move to 379-380 in the near term.
I'm curious to see if the sellers re-emerge since you can see that the last level of oversold reading of 11-day CCI is now breached, that maybe the shorts get squeezed a little. The sellers have been in control for a long time here from the 420 level back in December. Now that we are in May and it is planting season, usually this is when prices can get a little volatile. And by volatile, I just would like to see movement in a trend from here, not just volatility around a range.
I decided to put the "TIME AT MODE" graph on the bottom so you can see what the "profile" of the current uptrend is. Why is it an uptrend? Because there hasn't been a new low for 5-days. That's a simple rule I follow. If the market is above the "mode" from the time of the low, then there is an uptrend in place. What you want to see in an uptrend is for the "range to expand" in the direction of the trend. If you get that, it helps you define your trend AND it gives you some levels to ADD TO your position on pullbacks. I'd advise buying against the middle of the range expansion bar in subsequent bars, up to 5 days after the range expansion bar. You can exit that "add" at the high of the expansion bar and risk an equal amount as you are trying to make here.
That's all for now.
Stay posted!
Tim 368'0 last 12:17PM EST May 14, 2015 Thursday
You can buy with a 362 1/2 stop and look for a move to 379-380 in the near term.
I'm curious to see if the sellers re-emerge since you can see that the last level of oversold reading of 11-day CCI is now breached, that maybe the shorts get squeezed a little. The sellers have been in control for a long time here from the 420 level back in December. Now that we are in May and it is planting season, usually this is when prices can get a little volatile. And by volatile, I just would like to see movement in a trend from here, not just volatility around a range.
I decided to put the "TIME AT MODE" graph on the bottom so you can see what the "profile" of the current uptrend is. Why is it an uptrend? Because there hasn't been a new low for 5-days. That's a simple rule I follow. If the market is above the "mode" from the time of the low, then there is an uptrend in place. What you want to see in an uptrend is for the "range to expand" in the direction of the trend. If you get that, it helps you define your trend AND it gives you some levels to ADD TO your position on pullbacks. I'd advise buying against the middle of the range expansion bar in subsequent bars, up to 5 days after the range expansion bar. You can exit that "add" at the high of the expansion bar and risk an equal amount as you are trying to make here.
That's all for now.
Stay posted!
Tim 368'0 last 12:17PM EST May 14, 2015 Thursday
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