Coffee Traders' Forum - A Discussion about Coffee Futures Trading
Coffee Traders Discussion Forum
Before I can respond I have to handle my trouble making ego. My scenario from June is still intact, the swing high I was looking for at 1996 occurred at 1995 July 3rd. The next swing low at 1791 caused me healthy cautious concern as it should and now finally price has arrived at the expected resistance zone between 2090 to 2115ish.
Regardless of what “camp” one is in one has to look for next swing low. In other words if you think price will be dropping there probably ought to be a swing low than a lower swing high so forth. OR if one thinks price will continue to rise more there still be a swing low then a rise and a higher swing high so forth.
I can’t seem to calm my ego from my June post where I commented about if price gets above the 2090 to 2115 resistance I’d look for a next significant swing high in the low 2130’s and then a drop to revisit/test 1783-67. But ego getting way ahead of itself.
So finally dealing with today’s reality. IF today’s high remains at 2090 and low 1995, one has to wait and see where swing low occurs. IT could actually turn out that 1995 is the swing low and 2090 is the swing high which would give strength to the Long camp. IF/When however price drops below zone of support 1973 to 67 I’m guessing the price has had it for this particular rise.
My ego however is still hooked to my June scenario and 2090 zone could get visited for awhile.
My apologies for wasting this much bandwidth. KB