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Whats got the bean market excited in the overnights?
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jpartner
Posted 12/4/2012 12:46 (#2732507 - in reply to #2732477)
Subject: Re: Whats got the bean market excited in the overnights?


maydel - 12/4/2012 11:24 jpartner does your opinion change with ml objectives achieved and now just closed the gap at 1441? Or does the bullish structure below still hold?

Maydel,

For me, the gap would have been the first place I would think buyers might show up, if they were going to move up.  Price eaked out a HH, but obviously not enough to get the buyers to want to move up.  
So, the inability to hold the gap, along with the weak HH, would make me less confident that they would hold their ground @ 1428.  Also, now the gap is above so the R-R is all messed up to the upside as well.  Best case for me, if I wanted to trade SHORT would be wait to see how 1428 is handled, and use one of those levels as a place to get short, AND/OR hide stops -assuming I have confirmation and time.  I think that this is a HTF pullback though, and likely to find some buyers someplace...there is another gap below, and some other structure in the move up that might give us some areas to be looking......and I could be all wet too....My opinion doesn't change maybe as much as it should.  I try and deal with the facts of a trend, where buyers/sellers were, and are likely to show up.  If the trend is down, I trade short only, if the trend is up, I trade Long only - on THAT timeframe.  A 60 min trend might be different than a daily, or 20 min, or, or or...So, even though I might get hints of weakness in a trend and a likely PB is imminent, I won't trade it.  Not interested in a scalp, been there, done that,...Just part of my ruleset, but not necessarily yours, or anybody elses for that matter. 

maydel - 12/4/2012 11:24  The next question would be if 1428 fails the buyers were not strong enough to hold or already sold the position and we would have a bearish structure?

We already have minor bearish structure resting overhead now around 1460....Andrews also treated gaps as pivots, and could be considered bearish structure as well.  Hope that helps.

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