Soybean meal quick short
Soybean has been on a corrective pattern for a while. As we can see from previous price action, overshoot of the pattern has been common, so we cant trust that the spike that happend 04-01 is over. We put a sell stop order under 326 and a SL behind the signal candle. Target the first area of congestion at 319.8 and in case the corrective pattern continues to unfold, we would look for the second target at 310.4USD.
If the next candle attempts to overshoot the channel higher we will wait for more price action to unfold, and in case it re enters the channel, take a short at a probably better price
If the next candle attempts to overshoot the channel higher we will wait for more price action to unfold, and in case it re enters the channel, take a short at a probably better price
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