September Coffee – Long from 126.35 – Hit the Target! – Coffee traded to a high of 138.60 overnight. That was enough to close the recommended long position at the target objective of 138.25 before dropping back to 134.90 during the day session. This is a classic example of Time and Price working in harmony. To see a chart of the Sept. Coffee go to www.reversaltracker.com/blog.
Now what happens? September Coffee reversed as soon as it reached the upward sloping centerline and closed lower on the day. However, when I look at the latest TC pattern (Trend continuation), I can see a new swing trade date (Reversal day) projected for August 14th. The market needs at least two lower closes to form a new buy pattern, so for now, I’ll sit on the sidelines until the new pattern is complete.
