As far as Cocoa goes it is simply in a 7 month channel. And thee good book is suggesting to trade the channel until it is no more.
Trouble is the top of the channel is ragged and uneven with no set prices to go by. Only the bottom of the channel is significant. I have never figured why you are so focused on Cocoa. It has its time now and again but often just chops sideways like this. Perhaps selling way OTM puts and calls would be the answer while it chops sideways as they'd likely expire and you'd get to keep all the premium. Of course you'd need an exit strategy in case Cocoa went somewhere in a hurry.
P.S. I also don't like country music, don't own a pick up truck and don't wear a cowboy hat,lol.............................