Today we got a very symmetrical looking Doji Candle. The low bounced off the Trend Line, and the top bounced off the 34ema. Volume shows a very active battle between the Bears and the Bulls. We closed so close to the 8ema that its very reasonable to regard this as simple bobbling around within the consolidation area.
I don't think an exit is warranted by today's price action given the situation price is in.
P.S. I try to keep fundamentals out of the picture, but China has made threatening comments today that are bearish for Soybeans. But we closed with a Doji pattern anyway, which means indecision, not bearishness. This adds confidence to holding the position. But after years of trading and seeing what I've seen, I value what I see on the chart far more than what's in the news.
No comments:
Post a Comment