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 the August Live Cattle. (CME_LE.Q13.E).
I hope you are having a GREAT week !!!
Live Cattle looks to be headed higher, so let's take a look at the August Live Cattle chart this week.
When trading futures we use the weekly MarketClub Trade Triangle to tell us the trend, and the daily MarketClub Trade Triangle for timing the entries and exits.
With the weekly Trade Triangle on a buy signal and the daily Trade Triangle on a sell signal this is an opportunity to go long Live Cattle.
If the weekly MarketClub Trade Triangle stays green, and Live Cattle trades higher, then puts in a daily MarketClub Trade Triangle buy signal, that is the place to go long with the MarketClub system.
If MarketClub puts in a daily buy signal, then the stop would be a daily MarketClub red Trade Triangle.
So Live Cattle is a Chart to Watch as higher prices could be on the way.