I had a downtrend signal in my past chart, which has hit target. When this happens, we can usually expect a reversal or retracement from it, and it's what is happening here.
We have a strong base for a rally, and a potential retracement entry, which if triggered can be a good way to tackle this rally. Props to my mate Tom Killick, his last chart is in related ideas. We often have similar views, his material is definitely worth a look if you're not familiar with him.
I'm offering two entry prices for this rally, if not filled, we will have to find a different entry point. If filled, we can close partially at the first target and aim for the second one with a trailing stop. Also, there's a possibility of retesting the downtrend's starting point at 2.36 (see related ideas, "Copper: Longterm decline spotted").
Cheers, Ivan.
Comment
⋅
We won't get retrace entry it seems...too bad.
Comment
⋅
Shot up, the target will be hit rather fast, this is great news for my AUDUSD long.
Comment
⋅
The 2nd target is a retest of 2.35, it could even go higher, so brace yourselves.
Comment
⋅
Asia looks like a bottom...
Comment
⋅
Copper moving nicely, we might see a rally today.
Comment
⋅
After today's close we can project a buy stop entry to join this rally.
Comment
⋅
Copper, so strong...
Comment
⋅
The timeframe for this one is weekly for sure...same as AUDUSD.