COFFEE C® FUTURES - Correction Time
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From November 2020, there is a very strong upward trend. Coffee prices remain high, we have broken the 2014 peak.
The price is moving in the main growth channel (green) with a divergence that started in August. (The situation was similar on Natural Gas ). We saw a high around $ 250, followed by lower highs and lower lows. Let's see if the new blue channel works.
My KC1 strategy:
I have opened shorts with a target of $ 160, if the blue channel is not valid I will hedge at $ 252 or sooner then reverse and add to the position.
The recent rise in price may have been due to a falling wedge pattern, visible on the 5h chart.
Let's see how it will play out
Good luck.
Cheers!
The price is moving in the main growth channel (green) with a divergence that started in August. (The situation was similar on Natural Gas ). We saw a high around $ 250, followed by lower highs and lower lows. Let's see if the new blue channel works.
My KC1 strategy:
I have opened shorts with a target of $ 160, if the blue channel is not valid I will hedge at $ 252 or sooner then reverse and add to the position.
The recent rise in price may have been due to a falling wedge pattern, visible on the 5h chart.
Let's see how it will play out
Good luck.
Cheers!
Nota
Trade attivo
I adjusted the trend channel. such a spike was triggered by the fear of inflation in US. Watch the weekly support and resistance, if we clear the July 2021 peak, the direction is only one - south.
Good luck
Trade safe
Nota
So far, coffee respects the new trend channel. In my opinion, nothing has changed.
Good luck,
Stay safe.
Nota
In my opinion, RSI divergance is still important. I added a few positions at 258, 254, unfortunately I closed them out of fear too soon, my loss, I still have 2 positions 241 and plan to add around 250 and make the piramide heading to the bottom .
The blue channel acted like a bull flag, let's see how it plays out.
You can see the rising wedge pattern, its target will be 215 if not negated. In that case, we could expect further declines.
Stay safe. Cheers
Trade attivo
One more position added 249. GL!:)Nota
Hello, unfortunately I stop trading, I closed my trades too early not sticking to my simple and great plan. I think I need to rest. Congratulations to those who have been relentless despite everyone's bullish attitudes and goals like $ 300. Coffee should keep falling, a perfect short position could await us, trade on the edge of the channels as my trading mentor tells me.We are oversold on the daily chart, you can count on some upward movement to accumulate positions. Below 200, the dips can go enormously.
Good luck and best regards
Cheers
Nota
It was excellent idea, shame I didn't believe myself and gave up.Take care
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