Possible final upleg afoot

[The Baptist]

Coffee (Robusta) May have begun its up leg today with the eventual turning point being a low around 1158, within the expected range refferred to earlier.

As yet the move is concerted without being explosive. A small pullback and possibly a large one deeper into the turning range of 1117 - 1196.

This said broadly I feel this may well be the onset of a primary bullish phase that could build substantial on the base it made, and upward move of the last two days.

I will put todays chart up later when downloads are available.

F

 

[The Baptist]

Coffee Robusta Daily and Monthly ...will current up move continue

Had an excellent day Thursday and an even better day yesterday.

Essentially Long from 1176 when I started accumulating in search of the bottom that came in the end at 1156 roughly in the middle of the 1117 and 1195 Range (The low and a window support area).

A take out of the July high bar of 1340 on the soon to commence August bar will be a final trigger for the anticipated upside move. A possible good entry for those not yet involved.

The Monthly July Candle body has changed in the last few days from a big red belt strap downwards into a spinning top mildy positive. If there are further upside on monday we could close on the high with a big downside wick and no upside wick. I like these bars and have nick named them comets (thanks to there tails), usually belt hold day's to the upside follow comets.

So for now I am quiet +ve.

As a cautionary however the 3rd relative high and low is all in one monthly bar and may not be the end of the downside move it could spread to the next candle. this would merely delay a possible break the pattern only fails if the low of 1117 is broken so drag stops along to avoid returning profits if downswing for RL3 point is more extended.

Good Luck

 

[The Baptist]

Big Blow off day today, highs took out previous highs at the 1340 level then fell back quiet substantially. Probable evening star formation, prices may well fall back a bit and/or consolidate following rejection of new highs.

 

[The Baptist]

Big Blow off day today, highs took out previous highs at the 1340 level then fell back quiet substantially. Probable evening star formation, prices may well fall back a bit and/or consolidate following rejection of new highs.

Just a single inside day yesterday as pullback followed by more strength on Robusta close at 1370, up from 1154 on the 25th July. Seems little interest in this commodity and set up if thread is anything to go by.

Best long term pattern I have seen in awhile and behaving to plan showing good upside surges. Still a big spread bet play for me and working a treat.

It would be nice to hear opinions on any others involved in this commodity CMC has a 4 pip spread and seems Ok handling a couple a hundred pound a point SB's.

 

[The Baptist]

1407 resistance

On my long term charts I had drawn in a resistance line at the 1406/7 level that was resistance more than a year ago when we were last at these elevated levels.

We have on two occasion approached this level intrady but neither breached it or hld the levels for a close. Today was a strong day up after some consolidation but it is quiet important that these levels should fall on a close for the BO to continue.

So far a run from an average around the 1175 level so we have close to 225 points in 2 weeks.

If 1407 is taken out looks like a pretty clear run up to the 1467 levels.

tomorrow could be interesting. Lost ability to post charts, will post again on establishment of service.

 

[The Baptist]

On my long term charts I had drawn in a resistance line at the 1406/7 level that was resistance more than a year ago when we were last at these elevated levels.

We have on two occasion approached this level intrady but neither breached it or hld the levels for a close. Today was a strong day up after some consolidation but it is quiet important that these levels should fall on a close for the BO to continue.

So far a run from an average around the 1175 level so we have close to 225 points in 2 weeks.

If 1407 is taken out looks like a pretty clear run up to the 1467 levels.

tomorrow could be interesting. Lost ability to post charts, will post again on establishment of service.

This trade keeps rewarding the 1407 level has been breached and I expect a close well beyond the initial tweezer top resistance at 1407.

If you are not involved, I do believe this is a macro move, plenty more to go, next level of resistance 1467 then blue sky for awhile.