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Technical Analysis

Wheat (ZW) Breaking 2 Month Descending Wedge Resistance


Wheat (ZW) surged almost 2% yesterday, breaking above a descending wedge resistance (on the 4hr and daily chart).  All the agris on my Watchlist are now recovering after being deeply oversold this past month due to the US-China trade war.  The still downsloping weekly MACD will keep most bulls away, but aggressive traders will begin anticipating a flattening of the weekly MACD green line which could quickly occur within a few strong up days.  Aside from the weekly MACD, the weekly, daily and 4hr RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains.  I am flat after profitably closing longs yesterday and am looking to re-enter long in the green zone (of the daily chart), targeting the red zone for early next week.  The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I set my stops tighter).
 
Wheat (CME ZW Sep18) Weekly/Daily/4hr
 
 
Click here for today's technical analysis on Corn, Soybean
 
Tradable Patterns was launched to demonstrate that the patterns recurring in liquid futures and spot FX markets can be analyzed to enhance trading performance. Tradable Patterns’ daily newsletter provides technical analysis on a subset of three CME/ICE/Eurex futures (commodities, equity indices, and interest rates), spot FX and cryptocurrency markets, which it considers worth monitoring for the day/week for trend reversal or continuation. For less experienced traders, tutorials and workshops are offered online and throughout Southeast Asia.

 

This article is from Tradable Patterns and is being posted with Tradable Patterns’ permission. The views expressed in this article are solely those of the author and/or Tradable Patterns and IB is not endorsing or recommending any investment or trading discussed in the article. This material is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.

 


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Technical Analysis

AUDUSD Weekly Hammer Forming Following Weekly Doji


The AUDUSD edged higher yesterday, reversing a sharp intraday drop forming a daily Hammer.  Significantly, a green weekly Hammer appears to be following last week's weekly Doji, reflecting the AUDUSD's inability to continue the weekly chart 6 month downchannel.  Interestingly, the AUDUSD is only one day's worth of volatility away from the weekly chart downchannel resistance.  Any break above the weekly chart downchannel resistance will also confirm a Double Bottom the AUDUSD is trying to form with its July low versus the May 2007 low.  The weekly, daily and 4hr RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains.  I am looking to go long in the green zone (of the daily chart), targeting the red zone for Friday.  The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I set my stops tighter).

 
AUDUSD Weekly/Daily/4hr
 
 
Click here for today's technical analysis on AUDJPY, Soybean
 
Tradable Patterns was launched to demonstrate that the patterns recurring in liquid futures and spot FX markets can be analyzed to enhance trading performance. Tradable Patterns’ daily newsletter provides technical analysis on a subset of three CME/ICE/Eurex futures (commodities, equity indices, and interest rates), spot FX and cryptocurrency markets, which it considers worth monitoring for the day/week for trend reversal or continuation. For less experienced traders, tutorials and workshops are offered online and throughout Southeast Asia.

 

This article is from Tradable Patterns and is being posted with Tradable Patterns’ permission. The views expressed in this article are solely those of the author and/or Tradable Patterns and IB is not endorsing or recommending any investment or trading discussed in the article. This material is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


 

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Technical Analysis

Soybean (ZS) Daily Chart Descending Wedge Completing


Soybean (ZS) is breaking the 4hr chart descending wedge resistance in today's Asia morning.  ZS is also arguably nearing completion of the daily and weekly chart descending wedge.  Among the agris on my Watchlist, ZS has been hit the hardest in the past 2 months due to the US-China trade war, but also stands to rebound the strongest following the bottoming efforts underway.  The steep downsloping weekly MACD will keep most bulls away, but aggressive traders will begin anticipating a flattening of the weekly MACD green line which could quickly occur within a few strong up days.  Aside from the weekly MACD, the weekly, daily and 4hr RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains.  I am long as of last Monday at 874, and am targeting the red zone for Friday.  The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I set my stops tighter).
 
Soybean (CME ZS Nov18) Weekly/Daily/4hr
 
 
Click here for today's technical analysis on Wheat, Raw Sugar
 

Tradable Patterns was launched to demonstrate that the patterns recurring in liquid futures and spot FX markets can be analyzed to enhance trading performance. Tradable Patterns’ daily newsletter provides technical analysis on a subset of three CME/ICE/Eurex futures (commodities, equity indices, and interest rates), spot FX and cryptocurrency markets, which it considers worth monitoring for the day/week for trend reversal or continuation. For less experienced traders, tutorials and workshops are offered online and throughout Southeast Asia.

 

This article is from Tradable Patterns and is being posted with Tradable Patterns’ permission. The views expressed in this article are solely those of the author and/or Tradable Patterns and IB is not endorsing or recommending any investment or trading discussed in the article. This material is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.

 


19143




Technical Analysis

Nasdaq100 (NQ) Rejected Again @ Weekly Chart Upchannel Resistance


The Nasdaq100 (NQ) saw some profittaking yesterday ahead of today's testimony from US Fed Chairman Powell at 10am EST.  Significantly, the NQ is being rejected at weekly chart upchannel resistance, and could be setting up in the next few days for a slide towards the daily chart upchannel support.  With the 4hr RSI, Stochastics and MACD a bit overextended to the downside, and the daily equivalents yet to turn lower, a bounce today ahead of Powell back towards the 4hr chart's prior ascending wedge support line should not be ruled out.  The weekly RSI and Stochastics appear to be tiring, while the weekly MACD (in the included chart) does not have enough history to provide meaningful interpretation.  I am flat after profitably closing shorts yesterday and am looking to re-enter short in the red zone (of the daily chart), targeting the green zone for Thursday.  The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I set my stops tighter).
 
Nasdaq100 (CME NQ Sep18) Weekly/Daily/4hr
 
 
Click here for today's technical analysis on EURUSD, AUDUSD
 

Tradable Patterns was launched to demonstrate that the patterns recurring in liquid futures and spot FX markets can be analyzed to enhance trading performance. Tradable Patterns’ daily newsletter provides technical analysis on a subset of three CME/ICE/Eurex futures (commodities, equity indices, and interest rates), spot FX and cryptocurrency markets, which it considers worth monitoring for the day/week for trend reversal or continuation. For less experienced traders, tutorials and workshops are offered online and throughout Southeast Asia.

 

This article is from Tradable Patterns and is being posted with Tradable Patterns’ permission. The views expressed in this article are solely those of the author and/or Tradable Patterns and IB is not endorsing or recommending any investment or trading discussed in the article. This material is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.

 
 

19109




Technical Analysis

AUDUSD Weekly MACD Green Line Flattening


The AUDUSD is edging higher in today's Asia morning after Friday's daily Hammer, continuing to make efforts to reverse higher within the 6 month downchannel (on the weekly chart).  A decisive green weekly candle this week following last week's weekly Doji would likely coincide with a test of the weekly chart downchannel resistance.  Significantly, the AUDUSD may be in the early stages of forming a Double Bottom (on the weekly chart) with the current July low roughly equal to the May 2017 low.  Today's 830am EST US Retail Sales m/m and Core Retail Sales m/m figures could set off the beginning for this week's rally higher, but the more important RBA monetary policy minutes will be released at 930pm EST.  The weekly, daily and 4hr RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains.  I am looking to go long in the green zone (of the daily chart), targeting the red zone for Tuesday.  The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I set my stops tighter).
 
AUDUSD Weekly/Daily/4hr
 
 
Click here for today's technical analysis on EURUSD, GBPUSD
 

Tradable Patterns was launched to demonstrate that the patterns recurring in liquid futures and spot FX markets can be analyzed to enhance trading performance. Tradable Patterns’ daily newsletter provides technical analysis on a subset of three CME/ICE/Eurex futures (commodities, equity indices, and interest rates), spot FX and cryptocurrency markets, which it considers worth monitoring for the day/week for trend reversal or continuation. For less experienced traders, tutorials and workshops are offered online and throughout Southeast Asia.

 

This article is from Tradable Patterns and is being posted with Tradable Patterns’ permission. The views expressed in this article are solely those of the author and/or Tradable Patterns and IB is not endorsing or recommending any investment or trading discussed in the article. This material is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.

 


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