Posted 10 October 2017 - 01:41 PM
From the link:
Coffee futures retraced 38% of the recent decline for those who like to pay attention to Fibonacci levels (see chart below). What I don’t like is a doji and there one is in today’s price action. In addition, the trade ran up into a certain moving average right at that Fibonacci line. Add all that up and taking some off seems prudent at this point.
For more discussion and the chart mentioned above:
COFFEE FUTURES TRADE
Gasp! Double dojis, twice the indecision?
Could get a reversal from current long to a short tomorrow.
"If you've heard this story before, don't stop me because I'd like to hear it again," Groucho Marx (on market history?).
“I've learned in options trading simple is best and the obvious is often the most elusive to recognize.”
"The god of trading rewards persistence, experience and discipline, and absolutely nothing else."