Today is Sunday, March 10th and we are summing up the trading week.
Open positions at the current moment:
No open positions.
Let’s take a closer look at last week’s deal.
Copper. The copper signal was in mid-January. There was a setup for buy. In addition, we saw an interesting exit from the flat. However, COT reports released on Tuesday, as well as value of our other indicators, forced us to close a long position.
Let me remind you how we traded copper.
The first deal this year was based on impulse. The second was a bad deal on a pullback. The next deal, we fully traded rollback. The finnaly last deal was closed with a profit of $362. So from the beginning of the year we earned $6487 on Copper.
What will be the future plans for copper?
If you look at the monthly chart, than we can see that there was a very good accumulation area, where the price has broken the flat through upward movement (highlighted in blue). What is it – false break or trend change? The main hint for our understanding is the hedgers positions. They are in the positive zone. Based on this, we believe that the most likely the price will move upwards.
What other factors telling us in favor of moving up? This is a seasonal factor. On Monday-Tuesday the price will be in this low. Seasonality shows us the upward price movement. We also have a divergence in % R (blue line bellow).
So we are closely looking at copper and planning to enter into a long position.
The Sum up the trading week:
Copper Profit is $362.
Today we will plan our trading for the next week.
Insider Week team
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