Entering long in Sugar futures

We have entered long in Sugar futures.

This position is not validated with all the patterns of our TTW system, so the percentage of liquidity assigned to the series of positions is very low.

Using our algorithmic trend-following system, Sugar futures are at 3-year highs, with an RSI of 63.57 on the weekly chart, and 65.64 on the monthly chart. The asset has broken one horizontal resistance and is above the 210, 70 and 14 SMAs, with a crossover between the 14 and 70 SMAs.

We have targets around 24 in the coming months, but there is a high probability of a pullback.

In the event of a pullback, we could re-enter.

Position:


Entry: Market price
Guaranteed trailing stop loss: 0.4% of the portfolio.
Target: 24-25.
Financial Engineering: Futures (without OTC derivatives)