Long March cocoa at 3348.
Stop loss at 3280.
+ Looks like the last bar was part of a correction: rather long lower wick.
+Monthly and weekly CCI’s rising with weekly over monthly.
+/- Daily CCI rather high, but not unexpected if price is strong: dip should be small nad not give daily CCI time to get near -100.
EMA both rising with the 34 above the 170.
+ Very strong volume the past few weeks.
– Daily RSI > 70. For the past few years, this has almost always lead to a pullback. But when price was very strong it took a week or so to stat the pullback. So the stop can be kept very close.
– Commercials are net short, but not at extremes.
A bit risky for me, but should be okay with a tight stop. Drilled down to 60 minute chart for a buy stop closer to the sell stop.
Feb 3: Sold at 3351 +1%. Expected price to be ripping upward. It’s not, so time to be flat.