h_ahlgren

Short term trade with Copper.

Short
CURRENCYCOM:COPPER   CFDs on Copper
I entered this bear trade on 2.3900. Why? I think the odds are good it will reverse back to the bottom of the trend line . As it tried to break the line for almost 90 minutes, but unsuccessfully. Technically we also have a divergence on the RSI and WaveTrend Oscillators. The major indices don't show strength either, so this could also have an impact on the copper price. Large probability it won't work, therefore close stop-loss.

If it goes down and you...
finish at 2.3700, you have a ratio of 3,3x
finish at 2.3600, you have a ratio of 5x
Stop-loss at 2.3960-2.3990. If stop-loss hits I lose 0.34%.

Planning to end the trade in around 3 to 6 hours.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.