We've asked our friend Jim Robinson of profittrading.com to provide his expert analysis of charts to our readers. Each week he'll be analyzing a different chart using the Trade Triangles and his experience.
Today he is going to take a look at the technical picture of March Coffee (NYBOT:KC.H14.E).
With futures you use the weekly MarketClub Trade Triangles to tell trend and the daily MarketClub Trade Triangles for timing the entry and exits to the trade.
Coffee made a base, has made a breakout of the base to the upside and a test of the base, which means a bottom is probably in for Coffee.
When ever the weekly MarketClub Trade Triangle is green, then you can use daily green Trade Triangles as entry signals to go long in the market.
Since the weekly Trade Triangle went green there have been 2 daily green Trade Triangle buying opportunities.
With the daily and weekly Trade Triangles both green, odds are with the upside for Coffee making this a great Chart to Watch right now !
Thanks,
Jim Robinson
Profit Trading.com
After a strong down trend.there was a period of daily consolidation from Nov mid to Dec Mid. After that green trade triangle appeared and price broke the consolidation period resistance. Second trade triangle appeared after first pullback is complete.
Now we have to see the next target lavel in daily or weekly.