After a long consolidation (triple bottom), it looks like the copper price finally broke the longer term downtrend and currently undertakes a bullish rally.
The idea, is to trade the rising wedge with a potential break of it in the upcoming hours. I am personally bullish on this as the underlying trend is up alongside with strong fundamentals for the metals market. But there is a possibility that there will be a break on the downside as well. Open on the 1h candle close above/bellow the wedge.
If the break will not happen before the close of the US trading session the pattern and the overall trades set up will become invalid.
The idea, is to trade the rising wedge with a potential break of it in the upcoming hours. I am personally bullish on this as the underlying trend is up alongside with strong fundamentals for the metals market. But there is a possibility that there will be a break on the downside as well. Open on the 1h candle close above/bellow the wedge.
If the break will not happen before the close of the US trading session the pattern and the overall trades set up will become invalid.
Trade active
As expected, the wedge has been broken on the upside. Long position has been opened with targeting the M P O projection.Trade active
Unfortunately the price action did not demonstrate enough strength to hit the projected target. A retest move to the upper line of the wedge is expected on Monday. Personally, moved my initial SL level to break even.
Trade active
After the recent price action, I found out the the rising wedge that was projected is not idealNote
If zooming out there can be seen a much bigger rising wedge pattern, as a result, moved my profit target to a higher level (as on the chart below)If the price will start to retrace will move my SL lower, according to the new pattern.
Trade closed: stop reached
Unfortunately, mainly due to the resumed risk-off scenario the price retraced and reached my SL level, which was moved to the open level.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.