Short on Soybeans CFD (Ticker SOYBNUSD)
OANDA:SOYBNUSD
Technicals:
- short trade in horizontal channel
- price dived under 10.50-10.70 ressistance zone following false breakout
- intended target at support zone 9.83-9.93
- scenario invalidated if 2 bars close above 10.68
Fundamentals:
- seasonality criteria: soybean usually had descending movements in periods february - april if bear / accumulation and ascending movements while bull / distribution phase
- since we are still in bear market and there is no confirmation of phase change yet it is assumed that price will move downwards for next 2-3 months
Conclusion:
- the trade is based on the soybean season in South America (50% of global production), and by the end of April the market will have enough information for further decisions to be made
- therefore current trade is calculated for a maximum of 2-3 months
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⚠️ Signal - Sell ⬇️
✅ Entry Point - 10.496
🛑 SL - 10.722
🤑 Partial TP 50% - 10.17
🤑 Final TP 100% - 9.85
⚙️ Risk/Reward - 1 : 2.8 👌
⌛️ Timeframe - 3 months 🗓
Good Luck! ☺️
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DISCLAIMER: Not financial advice. Everyone must make trading decisions at their own risk, guided only by their own criteria and strategy for opening or not opening a trade