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