COFFEE: a correction is looming. Short then buy or wait for long
In recent years, the price of coffee has fluctuated between 90/100 and 130/140. It's a nice oscillator. Currently we're in uptrend. After the initial impulse price slows down and is approaching 122 level where correction usually occurs. I expect drop to 115-116 then continuation to at least 130, maybe to 132 (strong resistance) or even 135 (AB=CD & top from the last Summer).
Using 1D and 4H charts, wait for a signal that the price is turning back. Ignore lower time frames. Good luck.
Remember: if you are opening long positions in commodities, check the terms of your broker. Sometimes, if you do not close your position before the maturity of the contract, you may have to buy the goods and pay for shipment. Short positions are always safe.
Using 1D and 4H charts, wait for a signal that the price is turning back. Ignore lower time frames. Good luck.
Remember: if you are opening long positions in commodities, check the terms of your broker. Sometimes, if you do not close your position before the maturity of the contract, you may have to buy the goods and pay for shipment. Short positions are always safe.
1st target reached (short TP). Next week I'll be looking for opportunity to enter and buy.
Have a good weekend.