A couple days ago on 12/11, we posted about Entering Coffee Futures on a Multiyear Low and Repeating 1-2-3 Bottom Formation and put a Buy order in at 112.95. Current Margin on Coffee is $1705 (with a $1550 Maintenance Margin). Since a Coffee Call Option that is 3 strike prices out of the money is in the $1200-$1400 range and only gives us a couple months of time, we opted to go for a Futures Contract with the $1705 Margin instead. We initially placed our Stop Loss at the most recent #3 point (support level) of 105.65 it hit on 12/5.
Today (12/13) as can be seen on the Intraday March 2014 Coffee chart below, prices broke to the upside and triggered our Buy order and prices have continued up from there and stand at about 115 at the time of this post. Our target is the 50% Retracement level of 148.