20 February 2013

Copper : Short Again .. ad nauseum

  • Accumulated losses building up steadily with each previous attempt to trade this. My mistake was trying to anticipate the top of a triangle and selling into it. Must avoid that useless strategy (eg tempted on USD/CAD now).
  • Daily chart gave a sell signal yesterday at 367.60 (blue line on front month continuous). However, did not sell then because I did not want to increase risk limits utilization.
  • Trade : Different story today after squaring some short cable. Sold HGK3 at 366. Will add another unit if we approach the break point above.
  • Big picture : There is a very significant weekly triangle support line (red line) below at 350.70.