Copper Long Dec 30th 2017

FX:COPPER   CFDs on Copper
111 2

- Symmetrical triangle break and re test of a key level at 1.245
- Rejecting back side of a long term downward sloping trend line
- Weekly and daily deceleration
- Low test rejecting key level
- Double bottom
- 4HR Bullish MACD
- Dynamic support of the daily 50 EMA
- Trading with the trend
- Stop safely behind the key level and the 50 and 60 EMA and previous swing low’s


- No clear daily reversal candle shape

Trade Plan / Management

- Using a hybrid strategy with two 0.5% positions
- Targeting 2.920 with position 1
- Once target 1 is hit position 2 gets moved to break even
- Trailing position 2 with smart stop placement utilizing swing lows, s/r levels, trend lines , dynamic support of EMA's. Trading with the longer term trend
Closed position at 2.7 for 2% profit due bearish confluence of a double top with a rising wedge and bearish MACD and a weekly rejection the 50 EMA.
I would wait for an indication of reversal of the current correction before entering the trade though - perhaps a break of the downward sloping resistance on the one hour chart.
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