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Rough Rice by TrendFollower

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Rough Rice went up 246 points today and was up around 2.18%

There is a clear breakout. Trend identification is key. I do not know if this trend will get stronger or manifest itself into one hell of a 'Long' trade but identifying key trends to monitor is crucial to a trading strategy. This could lead to a potentially profitable trade. 

It does not matter which asset you are trading. The important point is that it is trending strongly and that you identify it as early as possible. If one can utilise leverage to take advantage of points per £ and the directional move is in your favour then it is about maximising potential profits against risk. 

I include the latest chart below. Rough Rice is trading above its 20, 50, 100 and 200 DMA. This is a bullish indicator signalling a 'Long' trade. 

41626451_RoughRice_20190523_20_13.png.398f75177401cc6693f898a9130a6f23.png

The volume (green bars) supports the price action and strong recent move upwards. This is another strong signal. I include the chart below to illustrate this point.

1398584670_RoughRice_20190523_20_19.png.2510b6f147b633f8d071d0157f8cb381.png

The Parabolic SAR is also showing the price above the green dots which is yet another bullish indicator. I include the chart below to show this point. 

1534474733_RoughRice_20190523_20_20.png.3d845d6dd4d3f7f90fc06a66af549857.png

Momentum is another key factor and this also shows in the favour of Rough Rice and I include the chart below to show this. 

506984756_RoughRice_20190523_20_22.png.8428e6e55a095ca0c2dc5e66ca79cb51.png

Now all the above things can be used in your 'trading basket' to aid you in making an effective as possible trading decision. Using the above will not guarantee that your trade will be both successful or profitable. What it can do is allow you an opportunity to trade with the trend rather than against it and increase the odds and probability in your favour. You will notice that I have not included anything too technical or complex above. These are all indicators available on IG's platform. Your trading style can be as simple as you want it. Trading does not need to be complex or difficult that very few can understand. 

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So what is Rough Rice doing at the moment?

It hit $11765.90 today which was its highest price point since the start of this year (2019). 

Now it is being reported that Sri Lanka is expecting a bumper harvest. However to balance this Bangladesh are having to deal with export issues such as government subsidies. There has been flooding near Arkansas river which has left a field of flooded rice. 

Rice may not be the sexiest asset to trade but sometimes the best trades are those you least expect. It is about identifying the trends and breakouts in the first place at the earliest opportunity and trading them to your advantage in the direction of the trend rather than against it.

 

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Rough Rice is trending nicely at the moment. Rice may not be the sexiest commodities to trade but the chart is looking good from a price action perspective. 

144875663_RoughRice_20190610_18_57.png.15b15f016a37c93f2afa9f97a9d1b7b6.png

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    • Break of the daily chart lower channel line on the 1H chart and currently retesting.  If the move I have outlined is to materialise then I would expect a drop from this retest  to complete a close below the daily line.  If this does occur I would expect this to be off further EURUSD and GBPUSD rallies with GBP being stronger in the rally.
    • EoD price action was Bearish and broke through that ST support level with other markets being more Bearish than the Dow (more to go for the Dow to catch up?).  After a bit of consolidation bearishness has crept back in ahead of the US open.  A break of the next ST support brings up the 27000 level but, depending on how the move goes, the market could go into another consolidation at the 27000 level and if this constitutes a Flag type formation then 26500 is a likely end to this phase.  With no clear EWT or PMD I don't see the bearish move completing yet.
    • @dmedin Yes I expect it will for around 2 or 3 hours but at 17:00 or so it should settle down, and between 17:00 and 19:00 it may be possible to pick a side. It could even be last hour but that doesn't matter so long as support holds I will be looking for a long position. If not I will start again tomorrow probably look for support at a new low. 👿
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