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Coffee recently broke the strong support at 168$ region, and then rallied immediately. I have been waiting to see two consecutive days of rising prices, this is the 3rd. I expect coffee to go up at least to the 200$ region, where there was that double top . Further resistance is at 230$. Allthough there are bullish divergences on the daily, it isnt a setup that screams, but take a look at the weekly, which is beautiful :
I started trading coffee september contract last week.
I was BUY at 180 and it went to the 185 on friday, it was good, but it suddenly fall to the 172.
I'm losing money now, If the price will go up again it would be ok, but I'm not sure of it and confusing.
You told me to set a s/l at 176-177 but unfortunately I didn't and I regret it.
Now, what is your suggestion. Do I have to cut it on monday or do I have to wait more?
I think I can endure 168-170 but if the price go under 168, it is very dangerous to me.
I always thank you, adrian.
Well, I think you shouldn't be trading at all for now. When you enter a trade, you have to know what you are going to do at any time during the trade (this is damn hard, and I have problems most of the time). My advice for you is to close it and think again, but my bias on coffee remains bullish. Until it doesnt properly break support, it remains bullish according to my system. Keeping a trade, and adjusting it along the way is damn hard, I have pshychlogical issues all the time, and that's I trade very small and I don't trade coffee which is a very large contract. Rethink and study markets more, you need a trading system, not a tip from someone or a chart idea from tradingview. I post this charts not for others to trade, I post them cause this is my trading journal and with instruments that I can't afford such as coffee, I paper trade for when I'll have enough capital
You was right again at this time.
But I didn't enter yet.
If this picture is right, I have to enter as soon as possible.
Now, what is your opinion?
Buy right now a bit, and buy limit at 176-177$ if your account allows you to do that
How about long on next monday?
If it closes like this, it's the best signal that my system gives, so yes, buy buy buy and buy more
+1 Reply
JimanKim vlad.adrian
Now it is time to buy, right? what price is good to enter on monday.. what is your opinion?
I don't have a crystal ball you know... I would enter at any price but it's up to you
we can see double bottom now, so buy this time, right?
I would wait for a good upside day or at least a strong hourly candle, because the histogram is still falling.
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