This is what I'm seeing. The target has been met exactly to the T as of yesterday. Still need to monitor whether there's a follow-through come next week, but if there's a pullback, we should see 4300 (should be free money).
Took another look and these are the zones I see for a potential top (know how you are a big "fan" of fibs lol): 4505-4544 already beyond 4656-4663 a bit tighter than 1st 4820-4807 if it reaches really overextended but commodities are known for blow-off tops!
I will be more eager to attack short side on break below 40 at this point if tyou are a longer term trader. Monthly chart below:
Man, that's a long wick. Looking pretty scary to me. This might be the cue that's it's finally reversing course. We'll find out shortly.
extremely late thread. The uptrend started very very long ago (14 months ago). Those who bought it a few months ago should be laughing all the way to the bank. Those who bought it recently should be having nightmares as the price has already gone up so much. Those who shorted it recently should be having nightmares as Cocoa is still on the uptrend.
Not that bad of an idea but we need a catalyst for the curve to plunge : ICE certified stocks increase, cocoa grindings down, good news from Ivory coast or Ghana...Never trade on seasonals only
This ain't about buying, it's about shorting! Just look at that beauty! Today's the biggest selloff in months.
Biggest selloff? What is the reward : risk ratio? Is it > 3:1? If it is not, then it is a lousy trade.