Copper Long Idea.

I shorted copper last few weeks several times, happy I did, this week I'm seeing weakness in it's downward trajectory. There is a clean hammer on the daily which really gets me focused. I see MACD divergence developing, double bottoms on 4 hour and price in the area of previous support. I won't take the trade at the current price (I think you could, being happy with a 1:1 or more trade) I will set a limit order at the 50% Fib level. If price continues upward, I simply adjust my forward order following that 50% Fib which is a sweet spot for me. If we come back down to the 50% I think I'll be in a trade here, then I'll manage accordingly, China tariffs are putting downward pressure on Copper as China is a major consumer of the red metal. Ok, that's my analysis, if it triggers, it triggers. If I miss it, onto the next opportunity. 1% Risk 2:1 RR -Happy Trading

Comment:

That trade worked out nicely, to be transparent, I wasn't in it. I set a limit order and Copper didnt want to relax to the 50% Fib area and just kept running through. I will more than likely reset my fib limit order and see if I can get in on what I see as more upward potential. 1% risk 2:1 RR - Happy Trading!