Copper 1D Long – Targeting 0.5-0.6 Fibonacci Levels
Updated
Technical Analysis:
• Fibonacci Levels: The 0.5 to 0.6 Fibonacci retracement levels align with previous resistance areas, making them key targets for this move.
• Trendline Breakout: The price has broken through a descending trendline, signaling a potential shift in momentum to the upside.
• Retest Expectation: We might see a retest of the breakout level before the price resumes its upward movement.
Trade Setup:
• Entry: Enter a long position on a potential retest or near the current level, anticipating further upward movement.
• Target: The primary targets are the 4.5000 to 4.7000 range, which aligns with the 0.5-0.6 Fibonacci levels.
• Stop-Loss: Remember, this is a swing trade, so it could take a few days to potentially extend to weeks. It’s important to understand this trading style and adjust your position size accordingly to accommodate the longer timeframe and potential market fluctuations.
This Copper trade leverages a potential shift in trend with clear targets and risk management strategies. Keep an eye on the retest for a better entry, and stay focused on the price action as it develops.
Note: Please remember to adjust this trade idea according to your individual trading conditions, including position size, broker-specific price variations, and any relevant external factors. Every trader’s situation is unique, so it’s crucial to tailor your approach to your own risk tolerance and market environment.
Trade active
The copper trade is currently yielding a 4.3% profit. Given the upcoming high-impact news, I am actively monitoring the situation. Over the past four days, the candles have consistently closed bullish, indicating strong momentum. However, this also suggests the potential for a retracement.
If you’re in the trade and feel it’s time to secure some gains, consider taking partials or even closing the position entirely. It’s always important to Pay Yourself as you progress in your trading journey. Great job so far, and let’s continue to manage this trade effectively!
Trade active
The trade is currently performing well, up by 5.94%, and moving smoothly in our favour. I have taken partial profits at this level. As long as the price action maintains its structure, I’ll continue to hold the remaining position. It may take some time to reach the target zone of 4.5000-4.6000. My next steps will depend on how the daily candle closes tomorrow. Great job to those following along—always remember to lock in profits responsibly. Disclaimer
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