decent setup in beans.

Discussion in 'Ag Futures' started by BoyPlunger, Apr 10, 2008.

  1. folks, i'm looking at a potentially swift, solid countertrend trade in may soybeans.
    the chart over the last few weeks has a bunch of h/s type resistance around right here. plus we have a micro type h/s setup forming over the trading session today. I am short from 1338 and am looking for a move down to 1230 or so soon. This level has a lot of gap and cluster activity over the last couple weeks.

    additionally, there have been a lot of vacuum down type of movement in the softs this morning (coffee, OJ, sugar, cotton) also, rice is coming off its highs. not to mention gold, crude et al.

    my stop is about 1355.
     
  2. be careful man fundamentals have been trumping technicals in the grains for some time now, your reasoning is very sound though. itll be interesting to see how it plays out. let us know
     
  3. be seriously careful...Soybeans blew out 2nd support before the open today...do not know if it hit 3rd and blew that...
     
  4. oh well didn't work. i'm out at 13.61
     
  5. olias

    olias

    I'm not an expert but I've been following Soybeans for a while, and I agree with you. You gotta consider the fundamentals.