CommodityTrends Weekly Newsletter

I'm still watching May Soybean Meal for a possible MET trigger to the upside. This will occur if price breaks above the Feb. 26 high. Keep watching.

May High Grade Copper has developed a large 1-2-3 top formation. Previously I wrote that if price can close below the blue up trend line and the gold horizontal weekly chart support level, an entry to the downside will be triggered. Since price hasn't done either as of the time of this writing, I'm now going to focus solely on the gold horizontal weekly chart support line.

If price can close below that level (5.7635) I'll consider a short entry. If filled, the initial stop loss can be placed above recent resistance. The initial target is the daily chart 50% level (blue dashed-dotted line).

For now, I'm still watching from the sidelines.

Several week's ago I wrote: "The Mar British Pound has developed a large 1-2-3 top formation. An entry to the downside can be considered on a break below today's low (the Feb. 13 low). Stops can be placed above resistance of the #3 point. The initial target is the weekly chart support level near 1.3387."

This trade could have been entered on Feb. 17. The initial stop was to be placed above the #3 point. The initial target is the weekly chart support level at 1.3387. 

The target was hit on March 02. 

Last week I wrote: "Stops on remaining positions can be moved to just above the Feb. 19 low (1.3434, the red horizontal line)."

The stop for remaining positions was triggered on March 09.

May Cocoa has a new #1 bottom point at 2846 (the low on March 02). It has also formed a #2 point at 3480 (the high on March 11). Keep watching for all of the 1-2-3 strategy criteria to be met.

Previously I wrote. . . "The Mar Dow Futures Mini has developed a 1-2-3 top formation. The #1 point is 50,611 (the high on Feb. 10). The #2 point is 49,155 (the low on Feb. 13). The #3 point is 49,967 (the high on Feb. 18). An order to the downside will be triggered on a break below the #2 point. The initial stop loss can be place above the #3 point. The initial target is the daily chart support level at 48,226."

An entry was triggered on Feb. 23. The initial stop loss could have been placed just above the #3 point (as mentioned above). 

The initial target was the blue daily chart support level at 48,226. This target was hit on March 02.

Last week I wrote: "If trading additional positions, consider moving the stop loss down to just above today's high (March 06)." This happened on March 10.

What a great setup with nice follow-through!