Cocoa

[bgold]

David, THANK YOU!
Read your post and realised I had not put alarms on CC and missed the break out. Would have been a shame especially as i jumped in last week which was a little early. Let me know when you are in London so I can buy you a drink/lunch/dinner?

Would you agree that this is a breakaway gap?

Long CC U5 @ 1467 stop @ 1436 (full position) target: open

Partial at @ 1541, stop below yesterdays' low @1535, targetting > 1600

 

[bgold]

Partial at @ 1541, stop below yesterdays' low @1535, targetting > 1600

I was stopped on the gap down on 16 June at 1528, played the long again for +10pts but missed the rally (and subsequent demise).

What's next? Todays' gap puzzles me. I was looking for a low nearer to 1490'sh and looking for continuation of upside towards 1650'sh. Todays' decline is more than I bargained for. using fib extensions on daily chart I could see it going as low as 1325?

Any thoughts?

 

[DaveT]

Also took short-term profits at 1520.

Obviously a major failure on the charts - will have to see evidence of re-bottoming before considering another LONG position.


Fundamentally, the renewed peace efforts/deal in the IC are weighing on Cocoa.