Hello Insiders, Today is Sunday, March 17th and we are summing up the trading week results.
Open positions at the current moment are:
Copper: long position – 2 contracts.
Let‘s review the recent copper trades.
Copper. We had a setup to buy. The price broke the resistance level, and then the price dropped. Now this level is the level of support (blue line).
We traded in copper successfully. And this week we entered the position on the correction once again. Stop is under March, the 8th. Thursday was an uncertain day with high volatility – the price went down. Friday is an inside day. The copper’s price almost won back a drop, but did not rewrite the high.
Also now there is a valid setup to sell. But due to strong seasonality, we believe that this sell setup indicates only a short correction and not a trend change. The seasonal factor tells us that there is still a range to grow. There is lack of divergence in respect to accumulation or momentum or RSI.
If copper rewrites the low of 03/08/2019, then we will again look for entry points to buy. The current scenarios are bullish, as there are no indicators pointing to significant downward price movement.
Daily timing. ADX shows that we are in the correction zone. %R is oversold, so the price can bounce up. Momentum is slightly reducing: bears are pushing the price.
Monday will be the 12th trading day. If we are looking at TDOM, we find Monday and Tuesday are very bullish day wich can be good for our open long position.
Certainly, the scenario is also possible that having rewrote the high at the beginning of the week, the price will go down again. We must be careful and take profit in a timely manner or move our position to the breakeven point. We will decide based the impulse movement.
The Sum up the trading week:
this week we did not fix profits and losses. We will develop our trading plan for the upcoming week and consider new setups. These detailed trading plans are published for members in our Insider Week community. Join us now.
Trade smart, Insider Week team
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