The Pattern Trapper Market Update Blog is a companion piece to the FREE! Daily Pattern Signals Report.
For maximum benefit be sure to check out the On-Line Course.
The March Soybean contract has fired Wide Range Downside Reversal, 90-10 Low Continuation, and Momentum Pinball Buy signals for today's trading. The Wide Range Downside Reversal signal tells us that Friday's trading likely marked a significant short term turning point with more downside to follow. The 90-10 Low Continuation signal suggests that the prior day's late day move lower is likely to continue on into today. The Momentum Pinball Buy signal tells us that IF the first hour's high happens to be broken, the market is telling us something completely different than originally assessed, and we'd want to consider a long position. Cycle Indicators (chart at right) appear as if a short term cyclical top has recently been marked. Odds favor further downside in early morning trade. Sell the break of Friday's 1459^4 low with a stop just above the 1479^0 level of the Daily Pivot. Price weakness below the DP may provide clues for earlier entry. The Momentum Pinball Buy signal, on the other hand, suggests we consider the long side if the first hour's high happens to be broken to the upside.
Forward this to friends and colleagues! Disclaimer: trading involves significant risk and is not suitable for everyone.