Coffee for 2017

Street Trader

Street Trader

We are at the end of wave 2 (Weekly chart):

#Coffee_Weekly.png

#Coffee_Weekly.png
 
This chart looks exactly like soybeans. Do you mind doing wheat? Can you put a wheat chart of on the Soybeans thread? Wheat is expected to lag substantially to soybeans over the term. Thanks.
 
Btw, I see the chart has notable retracement areas that are marked with numbers. What is this method called?

The reason I ask is that it seems to complement pivot points. I am not sold on actual S/R of pivot points, but I find break outs to be strangely convex when there are no other notable areas of price and volume. Apparently, a lot of short term traders use it exclusively.
 
As per system, finally, hoping anyway, bought near lows in Feb and have added few places and recent lows on weeklies.

upload_2016-12-13_10-33-25.png


I bought March Wheat on Dec 1, another attempt of trying to find the lows. The only good thing about wheat for me, I make something on most trades as it will eventually go to first target then hit my protective stops when it make new lows to buy again. Wheat is just plain low and have made over a dozen tries of finding the lows. but open Interest really came in strong on the lows so me this is strong sign Commercials are coming in. But I only take system trades, has zero to do what others are doing or saying.

upload_2016-12-13_10-40-44.png
 
xandman said:
Btw, I see the chart has notable retracement areas that are marked with numbers. What is this method called?

The reason I ask is that it seems to complement pivot points. I am not sold on actual S/R of pivot points, but I find break outs to be strangely convex when there are no other notable areas of price and volume. Apparently, a lot of short term traders use it exclusively.
More...

It's Elliott wave.
 
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