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 October Live Cattle. (CME_LE.V13.E).
This week let's take a look at October Live Cattle futures.
When trading futures with the MarketClub system, we use the weekly MarketClub Trade Triangle to tell trend and the daily MarketClub Trade Triangle to time the trades.
Right now all three MarketClub Trade Triangles, monthly, weekly, and daily are pointing up which gives us the advantage of also having the monthly Trade Triangle pointing up, which is added confirmation that odds are with higher prices for Live Cattle right now.
Live Cattle is breaking out to the upside of a Cup with Handle chart pattern and if it follows through to the upside that will mean it is a good breakout.
The MarketClub Trade Triangles are painting a bullish picture right now, and with a +100 MarketClub score, Live Cattle is definitely a Chart to Watch as higher prices are probably on the way.