T01: FRI3JAN20: COPPER SHORT TRADE: S/O @ B/E
On Day Divergence, Bear Engulfing at Fib Extensions Resistance: I had been waiting for the market to retrace a bit to allow for a cheaper entry.
MON06JAN20 UPDATE: Trade is now @ B/E
TUE07JAN20 UPDATE: Although I am happy taking +2.5u on what I considered a “bonus trade” with T02 AUD/USD Short Trade, when analysing my exit, I can see that there was possibly a bit more profits to take, possibly. Simply based on the Weekly Chart (at the bottom of this post). The AU had hit a 127 AND 78.6% fib extension/retracement juncture, being this a “gartley” (the other one I had mentioned in some of my previous posts), a fib juncture like this is quite powerful specially when the RSI is also near its peaks (in this case the weekly RSI was at about 63%). Furtheremore, we had a “textbook Harami” to boot. All in all, combine the above with my 2020 Strategy to “stay in a day trade until there is a reverse trade available” we could have stayed on this trade. However, I am only using this example to “learn from it”. Like I mentioned in my other forum posts “Trading the Gartley -ABC”, my key weakness last year was “not maximising my profits”. So let’s do this better in 2020.
Anyway, coming back to Copper, after all my lecture above, I need to put my money where my mouth is, as such, I have removed my Copper TP (seen below), based on a Week Evening Star at a 61.8% & 38.2% fib retracements with a 67% RSI. Therefore, I am staying on this one until we see a Day Signal signal to either reverse the trade or reduce it. It is however, outside my trading parameters to stay on a trade based on a Weekly Chart, this means usually that we will miss on a few Day Swing trades and that is more for position traders not Swing Trader (like myself).
I forgot to mention, I am also looking at the 254 area where the 78.6% of the last week upswing sits which also is a past resistance area.
Wait and see…
FRI10JAN20 UPDATE: T01 COPPER S/O @B/E
Unfortunately I hesitated to give this trade a bit of room by placing my stop above the 4h chart last swing high instead of the b/e position and got stopped out. This could be a good thing, however, I still feel that the short trade is still valid because of the Weekly Evening Star. So I have placed a limit sell order at about 20 pips above current price and see if it takes us in.