Copper Short

Looking to short copper.
China's economy plunging. Counts over 50% of the world demand.
So basically China's economy weak, equals copper price weakness.
Price hit supply and shows signs of weakness. If current range doesn't hold and breaks down.
Then I will short doctor copper.

Transaction en cours:

Trade is live

Trade fermée: ordre d’arrêt atteint:

Current short didn't end well, but bias remains to the short side and will take it short if another opportunity presents itself.

Commentaire:

Might get a re-entree. Price still trading in supply range and meanwhile has shaped a rising wedge. Got 3 tops on the left and a POC range below. This all together might increase the probability that price will see a sharp impuls breakout. Because of the situation in China I remain bearish, but from my personal experience, copper is pretty notorious for faking out before a big drop, so I will remain cautious. If it does break below the POC range and breaks the wedge, I like to see it brake that local low and retest the POC/wedge range before pulling the trigger.

Transaction en cours:

Well, trade is live.

Trade fermée: cible de profit atteinte:

After it went green again, I've edited the position based on structure and fixed volume and took a TP. Will look for another re-entree, cause I don't think we done yet.

Commentaire:

Yesterdays Eurozone openings were pretty bearish. Will be interesting to see todays openings and might offer some trades. If price breaks the lows, which also breaks the zone. It might be interesting to short. But a bounce and breakout on the sloping resistance, might offer a long setup to maybe the 3.75 range.
Tomorrow China's PPI and CPI YoY.

Transaction en cours:

Live again

Trade fermée manuellement:

Closed 2/3 of the position due to a breakout on a falling wedge. 1/3 remained with SL on breakeven.