Wheat has been in a downtrend for the past two years, but right now it’s sitting in a strong demand zone on the weekly chart for the year. Both the technicals and fundamentals are starting to look bullish, so this could be a solid setup for a long trade even if the overall trend is still down.
On Thursday, April 24, there was a nice daily rejection between the 545’00 and 539’00 levels. That would’ve been a good entry based on my strategy.
Most traders would avoid this kind of trade because of the strong downtrend, but I see everything lining up here: demand zone, fundamentals, and rejection. It doesn’t mean the market will reverse, but the risk is worth the potential reward.
I’m not expecting a huge move just taking what the market gives me. If fundamentals keep supporting the move, I’ll hold longer. If not, I’ll take profit earlier. It’s about staying realistic and disciplined.
On Thursday, April 24, there was a nice daily rejection between the 545’00 and 539’00 levels. That would’ve been a good entry based on my strategy.
Most traders would avoid this kind of trade because of the strong downtrend, but I see everything lining up here: demand zone, fundamentals, and rejection. It doesn’t mean the market will reverse, but the risk is worth the potential reward.
I’m not expecting a huge move just taking what the market gives me. If fundamentals keep supporting the move, I’ll hold longer. If not, I’ll take profit earlier. It’s about staying realistic and disciplined.
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