- Recent bear squeeze in HG up to 312.45 (lead contract) took out half my short position in HGN4 (on 16Apr).
- Sufficient time elapsed and noise subsided since. Revisit.
- Monthly : Downside break of massive SHS top remains valid.
- Weekly : Downtrend intact.
- Daily : The recent rally looks like a bear flag.
- Trade : Holding on to 1RU short (poor entry). Awaiting daily bear flag break confirmation to re-establish 1 more RU short.
- Copper bears will perhaps be encouraged that this week's scaling back of Fed tightening expectations (weak +0.1% 1Q US GDP, no FOMC surprises) has not resulted in another round of short squeeze.
02 May 2014
Copper : Update
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5 comments:
+288K NFP
UR 6.3%
Good numbers.
Added to shortHGN4 @ 304.15 after numbers
Cut marginal unit at +307.30. It's just not working.
Record low vols do not make a good trading environment - http://www.bloomberg.com/news/2014-05-02/april-proves-cruelest-month-for-traders-facing-loss-currencies.html
Yes. Thanks for the link.
Balance stopped out at +310.70.
All square Copper now.
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