TMV Swing Trade Report – Short May Cocoa @ 3623 – Cocoa completed the bullish reaction cycle when the market posted two consecutive reversal dates in a span of five days. Further more, the market formed a bearish peg-leg formation between the two downward sloping reaction lines. Based off the reversal dates and price action… read more
Tag Archives: price action
Reversal dates for the week of February 28 – March 4.
Monday – Cattle, Wheat, Cocoa Tuesday – Heating oil, Silver Wednesday – Sugar Thursday – Hogs, Bean oil, Treasury bonds, Japanese yen Friday – S&P For more information about “action-reaction” reversal dates go to www.tradersnetwork.com and sign up for a free 30-day trial subscription to the Traders Market Views Swing Trading Report.… read more
Trading News – U.S. Jobless Claims rise.
Initial jobless claims for the February 12 week rose a steep 25,000 to 410,000. However, claims have been volatile in recent weeks. The latest jump followed a 34,000 drop the prior week and a 38,000 fall the week before that. Off and on severe winter weather has played a role in the volatility. The four-week… read more
Swing Trading Strategies – Short Soybean oil hits target objective! [chart]
TMV Swing Trade report – Short March Soybean oil @ 56.35 – Hit the target! Bean oil traded to a low of 53.31, to close the short position at the 53.35 target objective. From this juncture, I look for Bean oil to bounce off the lower parallel support line and begin to form a new… read more
Swing Trading Strategies – Silver pulls back after reaching upper parallel line resistance. [chart]
March Silver surged to a high of $34.33 overnight and reached the upper parallel line. The market also pasted through the descending reaction line during the advance. These two lines represent target objectives as well as a confluence of resistance. As I write this, Silver is trading at $32.90–$1.43 cents off the high.… read more
Swing Trading Strategy – Looking inside the price bar to sell March Wheat. [chart]
Had a question today, about my early entry signal to sell March Wheat. In yesterday’s issue of the TMV Swing Trading Report I recommended selling the March Wheat at $8.67 instead of waiting for a trade below the prior pivot low of $8.55 1/2 . Wheat had posted a low on the February 11th reversal… read more
March British pound boosted by CPI and BOE comments.
March British pound traded sharply higher overnight after it was reported that inflation in January doubled Bank of England’s target. UK CPI jumped to 4.0% yoy in January, doubling Bank of England’s target of 2%. Bank of England’s Governor King noted the surge in inflation and reiterated that it’s temporary, due to tax hike and… read more
Swing Trading Strategy – Peg-leg pattern triggers both sell signal and then buy signal is Silver. [chart]
In the last issue of the TMV Swing Trading Report I said, “The market has traded higher over the past 10 days. However, looking inside of today’s price bar I see a potential peg-leg failure that should trigger a two or three-day decline. This could prove to be a nice swing trade opportunity. Sell Silver… read more
Swing Trading Strategies – Dow Jones hits new high on projected reversal date. [chart]
The Dow Jones futures traded to a new high (12218) before failing and dropping below the low of the prior pivot low. This price action has formed a possible peg-leg topping pattern. It is also important to not that the new high and possible failure, occurred on a projected reversal date I will have more… read more
Swing Trading Strategies – British pound could have one more push higher to end the cycle. [chart]
March British Pound – The two reversal dates—January 25 and January 31—provided support for the quick rally into the ascending median line target objective. The pound tested the median line, as well as the prior swing high at 1.6229, posted on November 4, 2010) before turning lower and trading lower into the minor reversal date… read more