XCUUSD (COPPER) 1 HR BREAK AND RETEST TRADE SETUP
Updated
Hi everyone:
Here is my view on XCUUSD (COPPER) LONG, any feedback and comments are greatly
appreciated it. Thank you
Trade: #15
Date: 12/28/2016
Time: 19:00 GMT
Forex Pair/Commodity: XCUUSD (COPPER)
Position: BUY (LONG)
Reward/Risk: 3:1
After a massive break out from the symmetrical triangle on the daily chart, the price has pullback to an important support/resistance zone around 2.4600, 50 EMA and 0.382 fibs retracement. Begin to see some bullish momentum comes in, with a double bottom and bullish engulfing candle on the daily chart.
Looking to execute this trade on the 1 hour chart, after a break and retest of support consist of 50 EMA, 0.382 fibs retracement, main pivot point for a 3:1 reward/risk ratio trade
My Analysis:
Daily: Break out of symmetrical triangle, now retested the horizontal support of 2.4600, 50 EMA, and .382 fibs retracement.
4 Hour: Formed double bottoms, break above the resistance trendline, now retest 20 EMA, MACD bullish.
1 Hour: Nice clear break out of the short term resistance trendline, retest to main pivot, 50 EMA, 0.382 fibs retracement for higher low.
Thank you for your support
Here is my view on XCUUSD (COPPER) LONG, any feedback and comments are greatly
appreciated it. Thank you
Trade: #15
Date: 12/28/2016
Time: 19:00 GMT
Forex Pair/Commodity: XCUUSD (COPPER)
Position: BUY (LONG)
Reward/Risk: 3:1
After a massive break out from the symmetrical triangle on the daily chart, the price has pullback to an important support/resistance zone around 2.4600, 50 EMA and 0.382 fibs retracement. Begin to see some bullish momentum comes in, with a double bottom and bullish engulfing candle on the daily chart.
Looking to execute this trade on the 1 hour chart, after a break and retest of support consist of 50 EMA, 0.382 fibs retracement, main pivot point for a 3:1 reward/risk ratio trade
My Analysis:
Daily: Break out of symmetrical triangle, now retested the horizontal support of 2.4600, 50 EMA, and .382 fibs retracement.
4 Hour: Formed double bottoms, break above the resistance trendline, now retest 20 EMA, MACD bullish.
1 Hour: Nice clear break out of the short term resistance trendline, retest to main pivot, 50 EMA, 0.382 fibs retracement for higher low.
Thank you for your support
Note
Here are the DAILY and 4 HR Charts:Note
Nice! Price shoot up to the upside. Move my stop loss to break even @2.4918Note
Price drop down hard in the New York Session, closed the trade with a break even.
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