Wednesday, January 29, 2014

Piercing pattern daily candle on sugar?

Yesterday sugar gapped down on the open and preceded to move higher throughout the day closing near the days high. This is also one of my fav technical indicators to trade. It's called a piercing pattern bullish candle stick. We also had five waves up intra day on a 5 min chart. For this count to stay valid we need to see yesterday's low hold. Support comes in at 14.86 and 14.78 ( we are testing these as I write.
Here's what the peircing pattern looks like.  I have an order to buy on a break over 15.10 per march contract

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