Copper: Uptrend signal, nice reminder by Tom Killick
Updated
I had a downtrend signal in my past chart, which has hit target.
When this happens, we can usually expect a reversal or retracement from it, and it's what is happening here.
We have a strong base for a rally, and a potential retracement entry, which if triggered can be a good way to tackle this rally. Props to my mate Tom Killick, his last chart is in related ideas. We often have similar views, his material is definitely worth a look if you're not familiar with him.
I'm offering two entry prices for this rally, if not filled, we will have to find a different entry point.
If filled, we can close partially at the first target and aim for the second one with a trailing stop.
Also, there's a possibility of retesting the downtrend's starting point at 2.36 (see related ideas, "Copper: Longterm decline spotted").
Cheers,
Ivan.
When this happens, we can usually expect a reversal or retracement from it, and it's what is happening here.
We have a strong base for a rally, and a potential retracement entry, which if triggered can be a good way to tackle this rally. Props to my mate Tom Killick, his last chart is in related ideas. We often have similar views, his material is definitely worth a look if you're not familiar with him.
I'm offering two entry prices for this rally, if not filled, we will have to find a different entry point.
If filled, we can close partially at the first target and aim for the second one with a trailing stop.
Also, there's a possibility of retesting the downtrend's starting point at 2.36 (see related ideas, "Copper: Longterm decline spotted").
Cheers,
Ivan.
Note
We won't get retrace entry it seems...too bad.Note
Shot up, the target will be hit rather fast, this is great news for my AUDUSD long.Note
The 2nd target is a retest of 2.35, it could even go higher, so brace yourselves.Note
Asia looks like a bottom...Note
Copper moving nicely, we might see a rally today.Note
After today's close we can project a buy stop entry to join this rally.Note
Copper, so strong...Note
The timeframe for this one is weekly for sure...same as AUDUSD.
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