02 May 2014

Copper : Update

  • 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.


Taichiseal said...

+288K NFP
UR 6.3%
Good numbers.

Added to shortHGN4 @ 304.15 after numbers

Taichiseal said...

Cut marginal unit at +307.30. It's just not working.

Anonymous said...

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

Taichiseal said...

Yes. Thanks for the link.

Taichiseal said...

Balance stopped out at +310.70.

All square Copper now.