Earlier this Summer, Cotton rallied far above 200 daily (black). It broke down back to this level. When it comes to MA reactions, cotton is a beautiful example of that. It even reacts to 20 daily (blue) which isn't always true on other instruments.
I will be looking to open a long today or tomorrow on the pictured level. SL is below previous consolidation range's top and below 20 MA hourly (blue). If anyone is interested in Fibonacci stuff, take profit is right on 0.6 - 0.7 level.
Eventually, it will be wise to short with seasonality in mind. It points downwards for the later part of the year.
I will be looking to open a long today or tomorrow on the pictured level. SL is below previous consolidation range's top and below 20 MA hourly (blue). If anyone is interested in Fibonacci stuff, take profit is right on 0.6 - 0.7 level.
Eventually, it will be wise to short with seasonality in mind. It points downwards for the later part of the year.