I usually short term trade/swing trade so often trade support and resistance no matter market trend, this would be on 1H (1 hour) time view here on tradingview, if you look at my charts, they gear toward short-term trades.
However I always look at the long-term analysis too and on the daily/long-term view of Copper (CUU), it looks like it has completed its downtrend before August and simply retracing it's steps.
While writing this my alert was triggered to the top yellow horizontal line on my chart which sits at 2.70534 here on tradingview, a good buy up spot imo. Second possible hit is 2.69123 and the 3rd at 2.65031, so I suggest set alerts for those regions.
Any further down then i would get out as it has further downtrend coming but the chances of this is low imo, however i do have some areas marked for any further downtrend but as I do not see this being likely, I will reserve those numbers for now.
Please remember to look at indicators if you can understand some as they would likely help you determine whether to get in at regions mentioned or wait for a confirmed further downfall. Also, do set stop losses but be generous with how much room you allow for this due to candle wicks.
All comments and questions welcome, if curious about indicators I use then feel free to inquire.
However I always look at the long-term analysis too and on the daily/long-term view of Copper (CUU), it looks like it has completed its downtrend before August and simply retracing it's steps.
While writing this my alert was triggered to the top yellow horizontal line on my chart which sits at 2.70534 here on tradingview, a good buy up spot imo. Second possible hit is 2.69123 and the 3rd at 2.65031, so I suggest set alerts for those regions.
Any further down then i would get out as it has further downtrend coming but the chances of this is low imo, however i do have some areas marked for any further downtrend but as I do not see this being likely, I will reserve those numbers for now.
Please remember to look at indicators if you can understand some as they would likely help you determine whether to get in at regions mentioned or wait for a confirmed further downfall. Also, do set stop losses but be generous with how much room you allow for this due to candle wicks.
All comments and questions welcome, if curious about indicators I use then feel free to inquire.
Trade active:
Mentioned further downtrend for a reason as I have not done so in my other posts, saw this as a possibility though a low likelihood. Looks like it did go further down, I bought in at 2.65, also bought in at the further low at 2.55, both are in profit, however I closed my 2.65 buy in a small profit to focus on the better buy in position at 2.55.
