Just about 2 weeks ago (1/19), we touched on getting LONG this market if we broke above 73.00 Now that we are above the recent highs, let’s check in on the positions and make some adjustments.
On Thursday afternoon 1/26, we pinpointed getting SHORT this market if we broke below the 151.00 area (view that video if needed) “Nothing like a Coffee trade on a Friday!”
March Cotton turning?…Keep an eye on a break above this 73.00 level
On Friday we were focused in on a possible failed bounce in the OJ market once the small rally started to weaken near the 183.00 level.
Last week (on Wednesday the 21st) we were focused in on the failed bounce in the OJ market once the trendline was penetrated near the 194.85 level.
Dead cat bounce? After initially breaking through the trendline, Orange Juice made an attempt to climb back above it Monday and Tuesday…
If you got involved in this Formation Finder opportunity this week, great job!
There is a trade opportunity based on a potential M.E.T. breakout in the Cocoa futures.
There is a MORNING STAR that formed with yesterday and today’s price action.
We highlighted the BEARISH ENGULFING candlestick on Tuesday. The Bearish Engulfing Formation is #11 in my new candlestick guide. So what is it? More importantly, how do you trade it? What other formations should you have in your arsenal?