7/11/2014 World Agriculture Supply and Demand Estimates (WASDE) – Soybeans (1200 EDT)
Forecast: n/a
Actual: n/a
SPIKE / REVERSE
Started @ 1087.25 (1200:32)
1st Peak @ 1096.00 – 1200:39 and 1200:44 (1 min)
35 ticks
Reversal to 1075.50 – 1202:52 (3 min)
82 ticks
Pullback to 1081.00 – 1204 (4 min)
22 ticks
Reversal to 1065.00 – 1211 (11 min)
64 ticks
Pullback to 1083.75 – 1215 (15 min)
75 ticks
Notes: With the beans, we recommend a delayed setup at 32 sec. In this case it would have been tame between 26 and 33 seconds for a safe setup. With the anchor point of 1087.25, your long entry would have filled at 1089 with 1 tick of slippage, then allowed up to 28 ticks to be captured, so a 25 tick profit target would have been perfect. The top was short lived as it eclipsed the OOD / S1 Mid Pivot and nearly hit the HOD then fell 82 ticks in about 2 min to eclipse the S2 Pivot. After a quick pullback of 22 ticks, it fell another 64 ticks in about 7 min to the S3 Mid Pivot. Then it pulled back for 75 ticks to nearly reach the 50 SMA before it collapsed and settled down.