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 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 October Sugar (NYBOT_SB.V13.E).
I hope you are having a GREAT week !
This week we will take a look at October Sugar futures.
When trading futures with the MarketClub system we use the weekly Trade Triangles to tell trend and the daily Trade Triangles for timing.
Sugar has put in a daily (not shown on this chart) and weekly green MarketClub Trade Triangle, which means the MarketClub system is long Sugar right now.
If you weren't long Sugar right now, what you could do is wait for the next daily red Trade Triangle and if the weekly Trade Triangle stays green and then the daily goes back on green, then you could go long Sugar.
What the MarketClub system is doing when the daily Trade Triangle goes red and then back to green is getting you long on minor pull backs against the main up trend.
If Sugar trades higher and puts in a monthly green MarketClub Trade Triangle that would be extra confirmation that the trend is up and be an even more bullish picture and again your entry signals would be any new green daily MarketClub Trade Triangle.
If Sugar moves higher from here and breaks out of the base this market could definitely trade much higher from here which makes this a great Chart to Watch right now.