1. The pullback is to an area of support. This is shown in the daily chart image above.
2. There are 480 and 120 min buy divergences (next two charts below).
3. Many oscillators are oversold (chart not shown).
So, you have an upside breakout, a pullback to support, an oversold oscillator and buy divergences. As far as setups go, everything is in place for a trade to the long side.
Buy CME Futures December Corn (CZ15)
Set a protective stop 20 cents lower (1000.00 per contract)
Wait for a daily oscillator to get overbought and then exit the trade or tighten the stop or exit half and then trail a stop on the rest.
Disclaimer: We are long corn as of 30 mins ago.
Post Trade Commentary: Trade stopped out. Good setup, bad outcome.