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Chart of the Day: Spring Setup in Corn

Corn is engaging the broad support zone at the bottom of the range. Watch for reversals and enter long positions on strong upward closes, which would put in classic Wyckoff springs. Close stops and active position management are essential—if the trade works it should move immediately and smartly higher, as price rejection sets in. If not, it may be best to reduce or exit positions as a further selloff could be in the cards. This is the nature of tactical inflections: there is often good potential in both directions, so nimble trading is required.

AdamHGrimes

Adam Grimes has over two decades of experience in the industry as a trader, analyst and system developer. The author of a best-selling trading book, he has traded for his own account, for a top prop firm, and spent several years at the New York Mercantile Exchange. He focuses on the intersection of quantitative analysis and discretionary trading, and has a talent for teaching and helping traders find their own way in the market.

This Post Has 3 Comments

  1. jim nazyum 09/12/2012

    I enjoy these daily charts.

    Just wanted to let you know someone out here is looking at them.

  2. Rex 09/13/2012

    Check out the chart for WEAT. Similar but slightly more bullish looking, in my opinion. There was also an interesting WSJ article today on the prospects for wheat. Basically supply is contrained and could become further contstrained. DBA is also in an ascending triangle pattern, which I hold a position in and which turned green today.
    BTW, I ordered your book. It’s en route from AMZN. Can’t wait to read it.

  3. TA_Reader 09/15/2012

    Just thought I chime in too! I’m reading your book now and am enjoying viewing your website.
    Thanks!

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