copper

alllllan

Newbie
4 0
I have been long on copper for several weeks, need advice whether to stay long or take profits. Also any thoughts on gold would be appreciated.
 

User

Experienced member
1,170 23
The following suggestions

:arrowr: Take profits get back in on kickback

:arrowr: Reduce stake to half so half profits are in the bag

:arrowr: If you draw channel lines on the copper trend then your stop loss could be at 120ish but then you'd lose 400 points.

:arrowr: Set tighter stop losses to maximise gains.

Personally I feel its going to push higher this week, I might be wrong, so setting tighter stops or cutting your stake to half seems sensible.

Gold is in a long term Bull market trend, however as we've been noticing recently the moves occurring in Gold, up or down are related to the moves in the greenback.

On a personal professional opinion, buy in the range between 390 and 405.

Gold will currently range trade within 390 to 430 on a longer note gold will head towards 480-500 undoubtedly.

Note: Unless the dollar has a complete U-turn, but as Lady Thatcher once said ‘U-turn if you want to I’m not for turning’

I’ll think you’ll get my drift.

Hope that helps...
 

JonnyT

Senior member
2,560 22
'U-turn if you want to the Ladies not for turning’

And she never did.

The Belgrano did and she still blew it out of the water.

What a Lady.

JonnyT
 

fastnet

Well-known member
305 1
Is copper worth shorting at 130? Looks like an exhaustion spike to me although I'm always v nervous about trading against such a strong trend. . . .I can't believe I missed this one building up. .
 

fastnet

Well-known member
305 1
Sorry - you're correct - I only ever look at the contracts that the bookies allow me to trade - in this case March High grade.

It's got to retrace from there hasn't it? - my favourite tarding author is Dr Alex Elder - he would describe this as a kangaroo tail from which the price bounces off in the opposite direction as a long term trend exhausts itself....trouble is he also advises never to trade against the trade and it looks as much like a spike y'day morning!!

If not selling this contract surely all longs have now covered?

Appreciate any comments - tks
 

PeterTT

Member
87 1
I would be very nervous shorting base metals at the moment until there is a clear chart signal .. there is alot of powerful buying fuelled by a severe shortage in the spot markets. Whilst I agree it does look quite streched on the chart there is absolutely no sign of it slowing . If you did short here it would be very difficult to find a sensible stop.
Just my thoughts

Peter

Ps .. I was long but took my profits way too early (120 ish !!)
 

User

Experienced member
1,170 23
If that thought came into my head it would go out my head aswell in an instance.

No way would I short copper.

Fine it might have a pullback, but surely its safer to buy in a pullback then short in anticipation for pullback.
 

fastnet

Well-known member
305 1
Oatman, User - you're right, you're right.. . . . I'm staying neutral and out of the market - that said I don't think I'd buy a pullback either - that trend looks old to me (coming unstuck from its trendlines) and volatility is at high in recent months - all signs that a reversal could be on the cards but not signals to trade off. .

(all those ''shoulds'' and ''mights'' are making me sound like an article in the Sunday Times!!)

Thanks for your comments - I'm standing aside.
 

bgold

Established member
532 5
Long term perspective on copper

As copper is making new highs, you might find the attcached 100+ price graph interesting
 

Attachments

  • copper (very long term).pdf
    51.6 KB · Views: 490

oatman

Senior member
2,879 22
If you've missed the run, don't be tempted to trade punches with it. Wait for the next move and jump on.
 

bgold

Established member
532 5
So what is the leading indicator?

Is it copper or the stocks? :!:

PD and Copper made highs on March 1st. Since PD has made new lower lows and highs, but copper seems to be stalling in triangle or some form of 4th wave correction. Is the correction over and HG is ready for next leg up? Or should we expect a more pronounced correction?

We might know as early as tomorrow!!

Have a look at the charts of Copper stocks on:

http://www.trade2win.co.uk/boards/showthread.php?s=&postid=90917#post90917
 

Attachments

  • copperpd.png
    copperpd.png
    116.5 KB · Views: 245
 
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