hongzx123
Short

Copper short - 29 November 2016

OANDA:XCUUSD   Copper
71 0 7
Background:
- Bearish reversal candle ( shooting star ) formed after testing the recent high
- Also, noted a bearish divergence at the 2nd bearish reversal candle

Entry:
- In this point of time, my trade has been triggered @ 2.631 (Was rushing out to work after i took this trade, no time for me to document in my journal)

TP:
- Set near previous swing low @ 2.46

SL:
- set at 50% of the shooting star @ 2.71

Alert:
- Might be in conflict with my Long silver             trade took in the same time.
- Price been so bullish in recent days, might have concern that this counter trend trade would not be stable.
Trade active: Updates - 30 November 2016:
- A strong bearish candle after my trigger candle (shooting star)
- Seems like bear will be in temporary control, with next support challenge will be the 10MA support
- Will hold on to this trade
Trade active: Updates - 1 December 2016:
- Yesterday session start off well but ended badly for me.
- In this point of writing, the price has came back to my entry point, forming a bullish reversal candle off the 10 MA (as highlighted yesterday that this will be the next support challenge)
- Further consolidation or 2nd bullish reversal candle at 10MA would warrant an early exit of this trade.
- As of now, will hold on to this trade
Trade active: Updates - 2 December 2016:
- In yesterday session, the bull movement halted at my entry point and formed a doji
- Price has been hovering at the 10MA support for the 2nd day.
- Would consider to quit earlier if the price is still consolidating till early of next week.
Trade active: Updates - 4 December 2016:
- The price once again closed undecided for the last trading day, hovering at the 10MA support for the 3rd day
- As of now, quite likely that i will exit this trade prematurely in anticipation of bull run off the 10MA support
- I will decide on this after next monday day close as the set up is still valid besides the above point.
Order cancelled: - Price has reacted strongly at the 10MA by closing the day with a bullish marobozu
- Exited the trade with 79 pips losses

Lesson learned:
- To be more careful on counter trend trades by having early exit rules
- The 2nd hammer candle off 10MA is the early sign of bullish reaction
Trade closed manually: Amendments:
- Trade exited not order cancelled
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