Copper Long - 24 April 2017
Updated
Background:
- Inside bar bullish reversal candle off horizontal support level @ 2.50 (round number) and 200MA exponential support (Chart only shows simple 200MA)
- Also, there is a double bullish divergence (black and red line)
Entry:
- Buy stop set at 20 pips above signal candle @ 2.8
SL:
- Set below the recent low @ 2.48
PT:
- Set at the current rectangular consolidation range high @ 2.732
- Inside bar bullish reversal candle off horizontal support level @ 2.50 (round number) and 200MA exponential support (Chart only shows simple 200MA)
- Also, there is a double bullish divergence (black and red line)
Entry:
- Buy stop set at 20 pips above signal candle @ 2.8
SL:
- Set below the recent low @ 2.48
PT:
- Set at the current rectangular consolidation range high @ 2.732
Trade active
Updates - 29 April 2017:- Trade triggered and seems like moving up.
- the reversal candle on 24 April does provide confidence to this set up
Trade active
Updates - 7 May 2017:- The last week trading session see price reversed and went south in a flash. Now it halts at the 200 exponential MA support.
- I am thinking that maybe i have set my PT too high.. Should be at previous swing high level?
- So for now, i will just hold on to the trade given the last line of defense (200 exponential MA support).
Trade closed: stop reached
Updates - 9 May 2017:- Trade stopped out at 2.48
- Probably my mistake is my PT is too high, which it should at the easy achievable target (previous swing high) @ 2.68 region.
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