Monday, August 25, 2014

Coffee weekly prices, perfect ABC pattern ?


I'll give you a few simple tips when looking at a chart ;
1) Forget well known "indicators" first, just look at the chart
2) Past key levels do have their importance
3) Focus on simple patterns (too many voodoo patterns believers out there)
4) Plan a trade, have clear scenarios in mind (at least three)
Back to coffee weekly prices, "B" level seems to hold, confirming key break out level.
Any major coffee news out there? Any known problems?
Pattern shows a high probable break out (see "C" level)
We need a catalyst
PS : We need fundamentals! This is not a penny stock that anyone can manipulate. 

2 comments:

Anonymous said...

I see similar scenarios for wheat, gold, energy commodities, eurusd and Russia.

yvan said...

Yes! Indeed!