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TFC Commodity Trading Forum

Re: Beans
In Response To: Re: Beans ()

Merry Christmas,

Yeah I mentioned them just a tad on the Dec 2nd corn post above. Think of them as lines of pressure points or the straw that broke the camels back. They are derived from the lows and highs that price makes...if a weekly bullish signal is elected that means that price has closed above the line on a weekly basis, when this happens you expect it to travel up to the next weekly bullish reversal. Once it is elected it no longer has a purpose...with the exception of the 1.5% rule...where if price should close more than that it will retrace back to the elected line before continuing to the next bullish weekly reversal...as it did here. The monthly bullish reversal will trump2020 the weekly reversal...so if it should close high for the month...it will be more than the 1.5% above the monthly bullish reversal...so you would expect a retest of the monthly bullish reversal located at 12.08'2 before continuing the rally.

Does that make sense?