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Theodore, Saskatchewan | Thank you for the information, I like the charts and now I see what you mean about the stop on the ES. That is usually what happens when I use stops! But I see what you mean about placement of based on structure. I will work some trades in the near future to see how it works. I agree with you on the beans analysis and we will cover it again this week I am sure, lots of things coming up.
I have seen markets gap often only to move back and fill the gap, referred to as an Oops, so this is whales playing the game, this I understand.
Sorry to continue this thread on and on and apologize for taking too much of your time Jpartner, do not mean to be a bother. I am looking at another chart for market structure and trading information it would give me.
The chart below is RSF3. Canola ICE futures in Winnipeg. Trades in similar fashion to soybeans. You would put market structure in importance ahead of any other lines and if I understand it correctly this chart tells us:
1. The low at 600 became structure when it made a higher high at 658.
2. This became a bearish structure when the low at 600 did not hold in September.
3. The job of this swing would be to make a higher high, break 658, which it has not done yet.
4. The pullback that started on Friday must hold above the most recent low at 594 and then we must move above 625 on the next swing in order to remain bullish. And have the potential to move above 658.
Unless something changes we should remain bearish/neutral. If it does hold above 594 and moves above 625 the target would be 658?
Any thoughts you have is always appreciated
Edited by maydel 11/4/2012 11:32
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beans again (jpartner)
