Copper testing 4.50/ATH
Copper is testing all time high right now.
I published this idea almost 3 years ago, oh my, trading is not for impatient people :
Currently there is short term speculation that copper buyers might buy a substitute, and news that producers are reducing output. Short term!
The news is the manifestation or what is happening on the chart, or is it the other way around? Both the talking/news/speculation and chart are asking the same question : Is the price actually going to go up, past $4?
People finding substitutes is probably very minor and just an answer to prices getting high, physical buyers are shy - FOR NOW - about buying at all time high. Literally the same as traders. Exact same thought process. Substitutes are not as good, it may only cover something tiny like 3% of the demand.
Also output getting cut pushes prices up, why are producers struggling to maintain margin at these high prices? Maybe everyone needs to stop coping and realise inflation is a reality and bear were right.
I cannnot pinpoint the bottom. Any strategy could work I imagine, buying a pullback when it strats going up, buying breakouts, trying to catch the short term bottom without a stop to tight (or it's just catching falling knives), some macd cross strategy, dollar cost averaging. 61.8% fib, previous high retest, buying on some trendline or moving average. Also patterns such as flags.
From experience I believe the entry strategy isn't that important, what is most important is cutting losses, taking good trades based on an intelligent analysis, and high risk rewards - being able to cut trades quickly regardless of being wrong or right.
No matter the entry strategy I am convinced of two things: No matter the strategy FOMO never works out, and I always use a stop.
I am not 100% convinced it will go way up to $8 or even above 5 but I do not care about being right, I care about taking risks to make money. This caught my eyes 3 years ago and it looks juicy!
I published this idea almost 3 years ago, oh my, trading is not for impatient people :
Currently there is short term speculation that copper buyers might buy a substitute, and news that producers are reducing output. Short term!
The news is the manifestation or what is happening on the chart, or is it the other way around? Both the talking/news/speculation and chart are asking the same question : Is the price actually going to go up, past $4?
People finding substitutes is probably very minor and just an answer to prices getting high, physical buyers are shy - FOR NOW - about buying at all time high. Literally the same as traders. Exact same thought process. Substitutes are not as good, it may only cover something tiny like 3% of the demand.
Also output getting cut pushes prices up, why are producers struggling to maintain margin at these high prices? Maybe everyone needs to stop coping and realise inflation is a reality and bear were right.
I cannnot pinpoint the bottom. Any strategy could work I imagine, buying a pullback when it strats going up, buying breakouts, trying to catch the short term bottom without a stop to tight (or it's just catching falling knives), some macd cross strategy, dollar cost averaging. 61.8% fib, previous high retest, buying on some trendline or moving average. Also patterns such as flags.
From experience I believe the entry strategy isn't that important, what is most important is cutting losses, taking good trades based on an intelligent analysis, and high risk rewards - being able to cut trades quickly regardless of being wrong or right.
No matter the entry strategy I am convinced of two things: No matter the strategy FOMO never works out, and I always use a stop.
I am not 100% convinced it will go way up to $8 or even above 5 but I do not care about being right, I care about taking risks to make money. This caught my eyes 3 years ago and it looks juicy!
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