Coffee Traders' Forum - A Discussion about Coffee Futures Trading
Coffee Traders Discussion Forum
What gives me pause is the fact that per the daily it's a Harami at a major TL and a major SMA, the 100-day in this case. To boot, we have a potential Shooting Star forming on the weekly, also at a major TL, although we did have a 50-tick headfake outside of it yesterday (129.80 TL vs a 131.35 high). Major traffic around the 126.00-126.50 area (see below), and as long as we stay above here, I'm hopeful that this was more of a correction than change of sentiment. MACD has crossed basis 5hr and we are currently pole-dancing around the 5hr 8ema (128.05). Expectation for me is choppy trade until she finds some legs, but charts not looking friendly on the whole. I will wait and see and take what she gives, likely fading any deep downside moves like we saw yesterday. On we go...
Daily 50sma: 126.50
38.2% Retrace: 126.35 (basis 131.35/118.30 range)
Daily 8ema: 126.25
Daily 40sma: 126.05