5/12/2015 World Agriculture Supply and Demand Estimates (WASDE) – Soybeans (1200 EDT)
SPIKE / REVERSE
Started @ 970.00 (1200:32)
1st Peak @ 973.00 – 1200:49 (1 min)
Reversal to 964.25 – 1205 (5 min)
Pullback to 967.25 – 1207 (7 min)
Reversal to 956.25 – 1332 (92 min)
Notes: With the beans, we recommend a delayed setup at 32 sec. In this case the initial reaction would have been choppy but likely safe to trade, but the alternative worked too. As usual, it would have been fairly tame as it hovered around the old LOD and S1 Pivot to provide an anchor point at 970.00 at 32 sec. With JOBB, your long entry would have filled at 971.50 with no slippage, then you would have seen it continue to climb to reach the S1 Mid Pivot / OOD position. It hovered for 5 sec, then backed off and made a another attempt to break through the S1 Mid Pivot, but could not, so exit there with about 5 ticks. After that it reversed 35 ticks in 4 min after crossing the S2 Pivot. Then it pulled back 12 ticks in 7 min before reversing 44 ticks in 85 min. It used the 20 SMA as resistance and stepped lower into the session close.