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Home / Futures Blog / TWIG Note – Bull Flags Everwhere in Corn and Soybeans

TWIG Note – Bull Flags Everwhere in Corn and Soybeans

April 8, 2014 by John Payne

This is a sample entry from John Payne’s newsletter, This Week in Grain, published on Tuesday, April 8, 2014.


Scanning my screens today and I am noticing bull pennants everywhere on corn and soybeans.

bull pennant

What is a bull pennant? The bullish pennant formation is found within the uptrend of a futures contract. It is called a bull pennant because it resembles a pennant hanging on a flag pole. Normally, a pennant formation is a continuation pattern with narrowing price action. This action usually follows a strong up move on the charts (the flag pole). After the strong move, the pennant typically is marked sideways price action back toward the lower trend line. Most of the time, the pennant should look like a small symmetrical triangle with lower highs and higher lows as the trend line approaches from the bottom.

Many traders play this pattern with a breakout strategy to the upside in mind as there is a higher probability of a continuation away from the direction from which prices came.

Here are a few more bull pennants, they exists everywhere in old crop beans and corn.

July Corn

jul-corn

May Beans

may-beans

Dec Corn

dec-corn

I don’t want to leave out the bear fans; they need a flag to wave too. Long term, the bears are liking this set up:

bear-flag

Filed Under: This Week In Grain

About John Payne

John Payne is a Senior Futures & Options Broker and Market Strategist with Daniels Trading. He is the publisher of the grain focused newsletter called This Week in Grain, along with being a co-editor of Andy Daniels’s newsletter, Grain Analyst. He has been working as a series 3 registered broker since 2008.

John graduated from the University of Iowa with a degree in economics. After school, John embarked on a 4 year career with the United States Navy. It was during two tours in Iraq and the Persian Gulf where John realized how important commodities are to the survival of society as we know it. It was this understanding that brought about John’s curiosity in commodities. Upon his honorable discharge in 2007, John’s intense interest in the world of commodities inspired him to move to Chicago and pursue his passion in a career in the futures arena.

After a three year position with a managed futures firm specialized in livestock trading, he was given the opportunity to join the team at Daniels Trading. Being in the business and seeing how other IB’s operated, it was the integrity and straightforward approach of the Daniels management team and brokers that attracted him to make the move. Since joining Daniels, John has broadened his fundamental and technical analysis of the markets even further. John has been writing his newsletter This Week in Grain under the Daniels banner since 2011.

Working in high pressure industries like the military and capital markets, John has learned the value of preparation in times of stress. He believes that instilling within his clients the value of a good plan and a cool head for dealing with the day to day swings of commodity markets. He treats every client as a teammate, understanding that his job is to help clients achieve their goals, whatever they may be.

John is a proud supporter of the Iraq and Afghanistan Veterans of America, the Veterans of Foreign Wars and the National Corn Growers Association. When he is not working, he enjoys athletics of all kinds and spending time with his wife and their two kids.

John’s commentary is featured in the following publications:

* All Ag Radio – Sirius Channel 80
* AM 880 KRVN – Lexington, Nebraska
* RFD TV
* Wall Street Journal
* Barron’s
* China News Daily (English version)

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