$KC_F – Coffee trade up 50% on three-day bounce…UPDATE

Up 50% on margin so took half off, and moved the stop on the rest to breakeven.

THE LONG IN COFFEE 10/5

Coffee futures retraced 38% of the recent decline for those who like to pay attention to Fibonacci levels (see chart below). What I don’t like is a doji and there one is in today’s price action. In addition, the trade ran up into a certain moving average right at that Fibonacci line. Add all that up and taking some off seems prudent at this point.

Will let the rest of the trade run until the breakeven stop is hit or until the end of the long signal.

(click on the chart for a larger view)

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