Posted 2/8/2019 01:54 (#7305354 - in reply to #7304128) Subject: RE: Ok chart guys.
Heart of Ohio
Wheat like all the others, wedge is the thing. Tells me we're in a "calm before the storm" type setup in the grains. (big picture) I'm starting to wonder if this ends up being a yawner tomorrow. Next month's includes planting intentions, right? Traditionally, that just maybe when some fireworks pop. Spring rallies aren't unheard of. Longer term (as in marketing year), have to say I lean towards Centurys numbers, a significant weather event could easily negate it all just as big national yields more than likely mean they won't last long. Personally, I find the tension on here between "chartists" and "fundamentals" rather humorous at times. Haven't come across anyone that consistently, without fail, "take it to the bank" daily price forecasts. Even the best and most successful traders often seem to admit being wrong more than right (that seems to have more to do with timing than price points too), but what they do seem to do VERY well is, .... play successful odds and practice with great discipline. To think charts have no impact in a market that can easily trade our entire yearly production in one day, is just silly IMO. AND in contrast, to think a market will out trade given fundamentals for huge amounts of time well ..... (current bean fundamentals and price come to mind) I will say over the years, It has been surprising to me how often a chart/price move is a precursor to later learned/unfolding fundamentals. It is why I like charts so much, and for me .... helps keep it all in perspective most days. THE market does know all, individuals/funds ..... sometimes. End of soapbox.