Coffee started the bear trend in Dec2014. The current reaction offers an opportunity to enter short and capture the next wave down. The hourly chart clearly identifies an M-top pattern. Short at M base and target 160.0. Monitor momentum at breakout.
Comments
docwesley90
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Would you go long here for a short time?
LEONES
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hi, no I'll wait for another pattern to re-sell - trend is bear
LEONES
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now, for a long time
SenthilKumar
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LEONES, you still bear in COFFEE..?
i went LONG at 160-163 and planing to hold atleast untill 180 againg... whats your view.. on that..?
also please advise what is your downside target if the 160 - 159 support is breached..? i was thing of 148 - 146 as the next support...
SenthilKumar
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any advice?
GenjiBalaji
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Go long
LEONES
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I'm out for the moment - but waiting to short it. It's just moving in a range
LEONES
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counter trend not for me
SenthilKumar
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i exitited my longs when it went up to 165, i will wait for break below 159 to go short or break above 167 to go long... lets see...