Coffee Traders' Forum - A Discussion about Coffee Futures Trading
Coffee Traders Discussion Forum
Great job as always Tango. The market has not wavered this morning. Steady from the start. On a 5 hour time frame we are approaching a "buy".
We saw some macro influence following the September employment report across some markets, though KC remained firm. Now again approaching the highs.
As far as system reversal point, I am not certain, but do think we are getting close. Low of 1,2430 so we are nearly 5 cents from there. On a closing basis, the lowest close of this leg down was 1,2515 so we can look towards perhaps the 1.30-1.3015 area as a trigger. Swiss Coffee dinner is underway, so I would expect some comments to possibly flow from there.
COT to be released later today. Should be an important report given the large build of approximately 18K for the reporting period.