patrick186
Short

Copper continuation pattern

FX:COPPER   Copper
Pretty obvious continuation pattern ( bearish pennant) forming within copper             .

Short term- We formed a inverted hammer candle today at the ascending trendline hinting at a potential pullback to fib before breaking out. If we form a bullish candle tomorrow that'll confirm the sentiment and i'll likely take a short term long entry up to that key fib area.

Long term- I'm looking for a reversal around that key fib area mentioned above to short for a longer term trade. If we don't get that I'll just wait for a retest of resistance after a breakout.

The pattern is nearing the end so if it isn't confirmed soon it'll fail. Watching this one closely...there really isn't much else in the market at the moment.


Sibbe PRO
2 months ago
Hi Patrick,

MACD divergence building on the 4h chart. Are you still following this one, and what would be your entry criteria now?
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patrick186 PRO Sibbe
2 months ago
Still watching! We have yet to break the key line connecting the major lows that started the pattern. Until we close below that line i'd say a relief rally up to fib is still pretty likely.

Great spot on the 4 hour by the way, even more evidence pointing to a turn before a real breakout! I'm watching the daily for a reversal sign and then confirmation with a clean break above the 50/60 ema on the hourly and a then a retest.

daily:
snapshot


1HR:
snapshot
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