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Cup and Handle Formation on Wheat Futures

CBOT:W1!   WHEAT FUTURES (CONTINUOUS: CURRENT CONTRACT IN FRONT)
In my continuing quest of using price action and TA to find opportunities in the futures markets, I search through each futures product each day to see what the weekly charts look like. When I stumbled upon Wheat Futures             , I realized that Wheat             was forming a perfect cup and handle pattern on the chart. This was honestly pretty sweet because it was the first time I've found such a pattern on the chart. This is usually a very bullish signal. Although I cannot trade the futures directly on my paper trading account here, I am looking at the ETF equivalent, but haven't found that one yet.

Regardless of what the move does after this, it will provide a great data point when it comes to analyzing different chart patterns, such as the cup and handle .

As always, when entering a trade I'll look to risk no more than 1% of my capital, and look to take profits right around the 3:1 or 4:1 risk reward ratio.

All the best,
RC            
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