Here is December Chicago wheat daily with the "diamond bottom" dressed up with anticip-p-p-p-p-pation!
http://thepatternsite.com/diamondb.html
Bulkowski's doubble bottom descriptions, very insightful!
High velocity moves down into the pattern are typically followed by high velocity move up out of the pattern!
Being that I perceive a diamond bottom pattern in the wheat, useful to showcase this reliable price constellation. and
I agree that the lows of December 2016 for wheat are THE lows and we tested them in December 2017.
World grain stocks were going up then. Now they are going down.
Last 10 years of wheat prices:
Wheat 3 months
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Wheat 1 year chart below
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Wowwza...
I have not seen one of those in quite some time...text book.
... thank you so much for pointing this out Hayman!
By hayman - July 20, 2018, 10:11 a.m.
I am forever amazed by the torrent of information, support and understanding that emanates from within you. You are truly a geyser of a guy! It is hot and sunny in the Northeast, near Syracuse, Utica, Rome, New York. A 72 year old dear friend called and pleaded with me to help him bale hay this afternoon. Seems the young buck boys that promised him their muscle had all reneged on their obligation. Making hay while the sun shines! I'll imagine you up on that haywagon with me while I stack the hay, all the while commenting on the various cloud formations and expected forecast. Take care, super amigo!
The wheat ripping up out of the diamond bottom, the high protein variety on fire!
By metmike - July 20, 2018, 10:53 a.m.
Thanks for the Fantastic Comments Hayman!
I see that Chi wheat is +11c, KC wheat +12c and Minn wheat is +16c
Great call yesterday!
IRONICALLY,
... while we are talking upstate New York, today is the first day at the Saratoga race meeting...
... my pick of the day , for the most value, is...
#3 "HAY FIELD" In The 6-th Race; Approx. Post Time 3:48 E.S.T.
... Joe Bravo will be the jockey on #3 "HAY FIELD" and will definitely motivate this
horse into the stretch run of this 6-1/2 furlong 6-th race where pre-post odds are 6-1...
$100 to win on #3 "HAY FIELD"
$200 to place on #3 "HAY FIELD"
$300 to show on #3 "HAY FIELD"
P.S. ... getting those young bucks not to reneg on bailing hay may come down to adding some Hops to that Wheat... just a thought..
SS,
Thanks for adding additional energy to MarketForum.
Z-December Wheat... looking for follow through.... after today's close... just messing around...5-32 Makes 5-48 ???
#3 - "HAY FIELD" MOWS THEM DOWN... HOLY CRAP !!!
#3 "HAY FIELD" WIN PLACE SHOW
18.00 8.50 5.60
900.00 + 850.00 + 840.00 = 2,590.00 PAYOUT
- 600.00 BET
-----------------------------
1,990.00 PROFIT
WE LOVE YOU "HAY FIELD" !!!
First Off... I would like to apologize profusely to Hayman & MetMike for "hijacking" this
thread...
Second Off ... I would like to give a deep gratitude to Hayman for showing an
exact, pure example of a Diamond Formation bottom in Z- December Wheat...
... This is pure textbook ! ... will 5-64 make it thrust up and touch off all the 5-80 Buy-Stop
Close- onlys' in future sessions this week ???...
...Kudo's to Hayman for sharing this AWESOME trade !!!
Don't apologize SS, I enjoy your contributions.
Hopefully your caps and large letters don't bother anyone but I like your positive energy!
And yes, great call by Hayman last week!
He also made this wheat post at the same time:
O.K. Wheat Traders... welcome to the fish-hook formation which is in continuation of the diamond formation bottom in Z-December Wheat... please look at how I come up with the old resistance of the bull flag using candlesticks... now please use this as new support and look at the low today on the pullback... 5-53-1/2 is where I was a buyer... overnight tonight it is time to accumulate for tommorrows BUY-STOP-CLOSE-ONLYS @ 5-80
to sell and take 2/3 profit off the board...ENJOY
Thanks SS,
Good luck.
The weather for corn and beans is bearish and in most years, would pressure corn and bean lower in late July..........but wheat is not trading that and much of the time, corn and beans are not even trading that.