After a long consolidation (triple bottom), it looks like the copper price finally broke the longer term downtrend and currently undertakes a bullish rally.
The idea, is to trade the rising wedge with a potential break of it in the upcoming hours. I am personally bullish on this as the underlying trend is up alongside with strong fundamentals for the metals market. But there is a possibility that there will be a break on the downside as well. Open on the 1h candle close above/bellow the wedge.
If the break will not happen before the close of the US trading session the pattern and the overall trades set up will become invalid.
The idea, is to trade the rising wedge with a potential break of it in the upcoming hours. I am personally bullish on this as the underlying trend is up alongside with strong fundamentals for the metals market. But there is a possibility that there will be a break on the downside as well. Open on the 1h candle close above/bellow the wedge.
If the break will not happen before the close of the US trading session the pattern and the overall trades set up will become invalid.
Trade active:
As expected, the wedge has been broken on the upside. Long position has been opened with targeting the M P O projection.
Trade active:
Unfortunately the price action did not demonstrate enough strength to hit the projected target. A retest move to the upper line of the wedge is expected on Monday.
Personally, moved my initial SL level to break even.
Personally, moved my initial SL level to break even.
Trade active:
After the recent price action, I found out the the rising wedge that was projected is not ideal
Trade closed: stop reached:
Unfortunately, mainly due to the resumed risk-off scenario the price retraced and reached my SL level, which was moved to the open level.
If the price will start to retrace will move my SL lower, according to the new pattern.