COFFEE-deep pullback offers a great R/R opportunity Long

Description

⋅ Oct 30, 2015 2:35 PM

Hello, according to previous analysis we have a big shark on W1 chart:

Price reacted nice to that level and the first impulse leg appeared to be finished.
Price made a deep pullback for wave 2 and now is ready to start a rally. I like this setup because the risk is very low compared with the potential reward.

We have also:
- Trendline support
- 1.61 fib extension.
SL and targets shown on chart.
A good opportunity with low risk.
Happy weekend.

Comments

IvanLabrie

⋅ Oct 30, 2015 2:51 PM

Looks very good.

FullTimeTrader

⋅ Oct 30, 2015 3:09 PM

The weather also could help, the impact of el nino is just starting.
edition.cnn.com/2015/08/13/weather/el-nino-2015/

bobwff33

⋅ Oct 30, 2015 3:32 PM

Thanks for sharing the lweather analysis.I was just being curious that a strong typhoon just went across east of China,which is very uncommon in late Oct.

bobwff33

⋅ Oct 30, 2015 2:45 PM

I could not agree more,I 've already set up at 117 this time ,and I think there's a great relativity between the rally of COFFEE and the fallen of USDBRL

FullTimeTrader

⋅ Oct 30, 2015 3:05 PM

Hello, thanks for comments. My bias is also short on USDBRL. Regards.