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TFC Commodity Trading Forum

Re: Corn looks like a buy, chart is in second stag

It's getting there for sure. There is a small triangle on the daily chart.

Right now though, the 4 day moving average is flattened out, and the upper bollnger band (2,18) if pointing down at a sharp angle. I'd like to wait untill it tests support at the 18 day moving average first. Or atb the very least, hit the 9 day MA.

The 9 day is on a sharp upwards angle. This is what I call a Spear point. If the price meets this, it often moves hard in the other direction (same as you would if you took a spear point in the ass). By my method, the confirmation will be if the upper bollinger band opens up at the same time.

Also, the 30 minute chart looks potentially negative, to side ways. If I had to hazard a guess, I'd say it will drift down in the night market.

My key entry will be a bounce off of the spear point, an up turn in the 4 day MA, and the top Bollinger band. An open at a moving average, especially an up turned 4 day MA is an especially solid signal in my method. It's the ideal set up.