COCOA waiting to go SHORT
Updated
This chart has been not easy to create, both because it does not show data below D1 and I was interested in H4, and because the price vary from my broker. Anyway...
#Cocoa (US futures Mar 2017) is close to a support in its retracement and might just go back again to keep its bearish trend going.
Actually, on my broker the current bar (with no shadow) is exactly at the 23.6 Fibonacci level calculated from 2 lower-high ago (03 Nov 2016) which is aligned with the one calculated from the latest lower-high (06 Jan 2017) --> see green arrow on the chart.
Anyway, the bearish trend can be seen on the D1 chart
The H4 chart is not available but we can get a good idea of the levels having a closer look at the main image (zoomed from D1).
The upwards retracement is expected to reverse either on the Fibonacci level or on the trendline.
Keep this under monitoring and be ready for a price-based action to go #SHORT.
#Cocoa (US futures Mar 2017) is close to a support in its retracement and might just go back again to keep its bearish trend going.
Actually, on my broker the current bar (with no shadow) is exactly at the 23.6 Fibonacci level calculated from 2 lower-high ago (03 Nov 2016) which is aligned with the one calculated from the latest lower-high (06 Jan 2017) --> see green arrow on the chart.
Anyway, the bearish trend can be seen on the D1 chart
The H4 chart is not available but we can get a good idea of the levels having a closer look at the main image (zoomed from D1).
The upwards retracement is expected to reverse either on the Fibonacci level or on the trendline.
Keep this under monitoring and be ready for a price-based action to go #SHORT.
Trade active
Well now that's curious... I talked about Cocoa SHORT yesterday and on my broker it went down to hit the first TP at 2080 already, but this is not reflected on the CC!Definitely not the same COCOA of the chart over here.
What I am trading is US Cocoa Mar Fut - 10 Feb 17
Cheers
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