Support and Resistance Trading Forum

Re: Coffee
By:Retired
Date: 7/8/2006, 10:20 am
In Response To: Coffee (Retired)

That would have been a beautifull play there.

Classic double top on hourly chart with the second top losing momentum into resistance of the first, and the market breaks down and falls nearly 3.00 to close at it's low. Earlier, posted a chart of "pattern expansion" that is currently happening in coffee and has been for the last few years. If this expansion continues, it marks the general path for price in the future. It doesn't have to continue tho.

Should coffee continue to fall, we'll be looking for support in the 80-90 range. Buys are signalled when support holds and loss exits are any break of that support.

Still a ways to go for this setup tho. And there is a table full of players at the no limit game at the Eldorado. They've been playing since yesterday afternoon and I'm fresh and ready. Ya'll have a good weekend.

Cheers.

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