We've asked our friend Jim Robinson of profittrading.com to provide his expert analysis of charts to our readers. Each week he'll be be analyzing a different chart using the Trade Triangles and his experience.
Today he is going to take a look at the technical picture of Live Cattle (LE.M13.E).
I hope you are having a GREAT week !!!
Live Cattle looks to be setting up a possible trading opportunity with the MarketClub Trade Triangles.
MarketClub recommends using the weekly Trade Triangle for trend and the daily Trade Triangle for timing when trading futures.
The weekly time frame is on a green Trade Triangle for Live Cattle, which means the weekly trend is up. The daily time frame is on a red Trade Triangle for Live Cattle, which means the daily trend is down.
If Live Cattle trades higher from here and puts in a green daily Trade Triangle, then both the daily and weekly Trade Triangles (time frames) will be pointing up.
When both daily and weekly Trade Triangles are pointing up the odds are with higher prices.
Live Cattle is a great Chart to Watch right now, to see how this possible trading opportunity plays out.