vlad.adrian
Short

Coffee - Short on a double top

ICEUSA:KC1!   Coffee
390 6 7
On the previous chart of coffee             that I posted, I expected a further upmove, but it didn't happen, as there is a double top formed at 200$.

I went back 20 years and roughly checked for diverging double top formations and this pattern has a great reliability. By a fast eye appreciation, I would say 90% accuracy.

There are class B bearish divergences on both oscillators, confirming the double top.

I hope the volume that appears right now, 9.837k is an error, cause comparing with previous days, it is way too small for an engulfing candle with a 15$ range.

First good support is the double top neckline at 165-180 and further down 130-140.

I can't actually trade coffee             , cause the contract my broker offers is too big for me. This is a paper trade.
LEONES PRO
2 years ago
YES I AGREE LOOKS LIKE A DOUBLE TOP!
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colened
2 years ago
The "double top" has the same structure as a bat pattern
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Update here
snapshot

Ideea still stands
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LEONES PRO vlad.adrian
2 years ago
looks good to sell soon to me
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vlad.adrian PRO LEONES
2 years ago
Yep, allthough these false breakouts are really annoying, they usually make the setup stronger.
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LEONES PRO vlad.adrian
2 years ago
today bar it's a bit tricky..strong
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