COFFEE - Turning the tide ?
Coffee after a 3 week structure and battle seems to be making a break towards the Fib 0.382.
The higher time frames still point down.
The ADX indicator shows uptrend but no strength yet (it usually has a delay on that).
The COT of Sep 29 shows a lot of long orders closed (-3745) and more short open (+3065) with net long positions to 54931 compared to 61741 of the week before that.
So hudge funds expect more to the down.
We might have a turn of tide for coffee if this is not a false breakout, at least up to the Fib 0.382 area.
I will start engaging buy orders just after the decision level (green line) is broken to the upside by solid moves, maybe wait for the day to close.
Good luck traders.
Note: I'm no trading expert nor have the ambition to become one! The above is just an idea that I share with the intention of attracting comments and perhaps become a better trader.
The higher time frames still point down.
The ADX indicator shows uptrend but no strength yet (it usually has a delay on that).
The COT of Sep 29 shows a lot of long orders closed (-3745) and more short open (+3065) with net long positions to 54931 compared to 61741 of the week before that.
So hudge funds expect more to the down.
We might have a turn of tide for coffee if this is not a false breakout, at least up to the Fib 0.382 area.
I will start engaging buy orders just after the decision level (green line) is broken to the upside by solid moves, maybe wait for the day to close.
Good luck traders.
Note: I'm no trading expert nor have the ambition to become one! The above is just an idea that I share with the intention of attracting comments and perhaps become a better trader.
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