Dec Wheat Bullish Gartley Re-entry

Decided its a good time to get back in long on the Dec Wheat Futures. At 13:36 ET today I sent the following Tweet:

"Back in long December Wheat Futures 13:27 ET, but I'm early. Should wait until today's close. Entry 705, Stop 685, Target 744. Details later."

So now, at the 14:20 ET close of the grains futures markets, I can see I would have made the same decision at the close as I did at 13:27, which was too early. I got in then because the chart looked like price was starting to run in front of the FOMC announcement at 14:00 ET. We were over the 8ema at the time and the risk/reward is so good that I wanted to get in before a potential pop from the FOMC news.

The chart above is a Daily chart. Just focus on the yellow annotations. It shows:

• We closed above the 8ema.
• We formed a Bullish Engulfing candlestick pattern.
• We formed a higher swing low.
• We're still in a Bullish Gartley pattern.
• We already bounced off the Moving Average resistance above us.
• This suggests this time we can cut through it.

Also, there are no significant wheat related USDA reports until the 9/30/21 Grain Stocks report.

The 685 Stop is just under the recent swing low. The 744 Target is the .618AD Fibonacci retracement, shaded a little bit from 744.671 to account for slippage and Bid/Ask spread.

Summary:

Entry 705

Stop 685

Target 744

Risk 685 - 705 = 20

Reward 744 - 705 = 39

R:R = 39/20 = 1.95:1 which is good.