Cotton - Should we buy it once more?

ICEUSA:CTN2015   Cotton #2
35 0 2
Well, we can try, as current level we can place a relatively tight stop loss under our long position, but even if you buy it, do not allocate one full trade unit to this position at the start.

- Ichimoku setup is neutral to bearish: Price is still below 100 WMA and the Kumo, but above Kijun Sen. Kumo is very thick above price. Tenkan/Kijun is weak bullish and Chikou Span is above past candles. Lower supp/res lvl             is ard 62,75 +/-. In fact until Price trades in the 62,50-70 area we can call it neutral on the weekly chart. Below 62,50 it would be bearish again. Above 70 it would be bullish biased.
- Heikin Ashi signal is bearish , so even if we try to catch a bottom betting that Price holds above Kijun Sen, we must be very cautious with position sizing.

- Ichimoku setup is neutral with some bearish bias. It would turn bullish only above 65,25, and more above 66. Price is flirting with the bullish trend line , the question is if the trendline holds same as it did in mid March?
- Heikin Ashi setup is bearish , with slightly decreasing short term (3 days) bearish momentum.

If you enter long you have to use a relatively tight stop somewhere between 62,60-62,90. The upside of the trade is hard to tell, but 1:2 risk reward is not impossible. I give it a try, but I will stick to small size and tight stop loss this time.

p.s.: yesterday after US opening we saw some agressive buying in cotton             , sending price quickly upto 64,60. To be honest I don't know if it was short covering or some new bullish flow enterring mkt, but after the buyer was done, price action quickly faded. I really wonder how it will go today?
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