LEONES
Short

Cocoa 3400 resistance

ICEUSA:CC1!   Cocoa
85 22 3
Cocoa             ( CC             ) didn't manage to cross the 3400 resistance. Heading lower towards the trendline.
LEONES PRO
a year ago
Probability H(High)
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Olu
a year ago
Thanks Leones for this angle. I agree we could be heading for the 2670 at least. How to hold the trade till we get there is another matter. I closed out my dec short on Friday when it did not go below the 3045 support area.
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LEONES PRO Olu
a year ago
I'm planning to enter short at 3170
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LEONES PRO Olu
a year ago
snapshot
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LEONES PRO Olu
a year ago
Olu, I think you have done really well in your entry and close - perfect
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Olu
a year ago
Good entry plan IMHO. I was thinking along those lines too because friday's move was strong and there might be more to come. Selling failure at resistance is a good move
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Olu
a year ago
Hi Leones we might have missed our entry point. Price rallied hard before selling off. Didnt quite make it to the 3170 though
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LEONES PRO Olu
a year ago
yes, missed..
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Olu LEONES
a year ago
Never mind. We'll still get our day with this one
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LEONES PRO Olu
a year ago
could enter here but risk is higher a this point..better to wait..
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Olu LEONES
a year ago
price is where I exited my last trade (basis december). A break of the 3045 level ona closing basis might be a place for me to go short
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LEONES PRO Olu
a year ago
yes i agree
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LEONES PRO LEONES
a year ago
i hope i going to consolidate few day bofore startig again lower, this would be ideal
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Olu
a year ago
Hi Leones. Read what another trader has put up about cocoa. We might still get that retracement if it plays out
Cocoa : Trend May Be Facing A Correction
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LEONES PRO Olu
a year ago
hi, that is a possibility, I don't really count all the possible waves, too hard and no time! I wouldlike to see a consolidation below the upper parallel , that would be perfect but we are below your 3045 and we will move probably, I dont see that correction happening. Diffucult to resist...but I'll wait and enter only if i see a tight consolidation
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Olu LEONES
a year ago
I too only use EW on a basic level. however his count of the wave down makes sense. We must be prepared for anything in these markets
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LEONES PRO Olu
a year ago
ok let's see if he is right, seems just moving lower now, if we retrace would be great
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Olu LEONES
a year ago
look again it appears its going up now. We have been as low as 3020 on my screen. Now it just spiked up to 3045
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LEONES PRO Olu
a year ago
lets see, do you have multi screen in you pharmacy? need to come to see you. Pharma-trade! :)
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Olu LEONES
a year ago
Lol
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LEONES PRO Olu
a year ago
could be right looking at coffee and cotton
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Olu LEONES
a year ago
They are moving up nicely cocoa has bullish divergence as well on the hourly chart
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