Market Curiosity: Exploring Markets And Systems

January 30, 2011

Possibly shorting soybeans due to multiple distribution days

Filed under: Futures Trades, Just Watching — Tags: — Jeff Fitzmyers @ 9:26 am

Probably only short soybeans if that market opens up. Then place a sell stop at around 1392.5. One main issue is that a stop loss is pretty far away. So if entered, the trade would have to be profitable quickly, or else get flat.

– Lots of recent long upper wicks on half the last few weeks bars.
– Many doji type candles.
– Lots of distribution in past month.
– Monthly and weekly CCI’s heading down.
– Big volume yesterday. (look at 60 min on this)
– Weekly RSI > 70 off and on for over 2 months. Suggests a move down to the 170 EMA.
+ Trend is still up.
+ Daily CCI is rising from a normal low point.

– Commitment of Traders shows commercials to be very short:

Jan 31: Still watching. Today was up on relatively light volume.

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