Jump to content

Base Metals having a little rally


Bopperz

Recommended Posts

I have only made one commodity trade this month. LDN cocoa, and that didnt work out for me. Keeping an eye on base metals and coffee too.

I am also looking at Cotton, but it needs to bottom out and turn before I will enter the trade.

  • Like 1
Link to comment
1 minute ago, TrendFollower said:

@Bopperz,

Are you a long only trader? Do you short commodities? Just look at Silver!

Silver is in freefall!

I don't trade precious metals as I class them as an FX asset class. Also, many of the opportunities/trades that I have seen in banks aren't available to the retail trader. So I stay out of it.

  • Sad 1
Link to comment

@TrendFollower

I have been looking at the Silver which, as you pointed out, is currently trending downwards.

One question - what methods do you use to identify a pull back? I would like to use one as an entry.

I trade ranges, so I normally use support/resistance levels to identify turning points, but this is so far down the chart, its not going to work!

Thanks in advance

James.

  • Great! 1
Link to comment

Also, to clarify my thinking....

NYK Cotton looks like its about to breakout to the downside. So there are two scenarios:

1) Fakeout, the most common. Prices will hit a new low, hit a bunch of sell orders, before a quick reversal back into range.

2) Sustained down move. 

If its option 2, I will wait for a pull back to the ~5670 (ish) and enter a short.

 

NY Cotton_20200318_15.49.png

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • How Merlin Is Addressing Bitcoin Scalability With A Unique Layer 2 Approach If you've been around the crypto world for a while, you're likely familiar with the limitations of Bitcoin's Layer 1 and its scalability issues. Over time, we've seen various innovative proposals like Wormhole's unique approach to address these limitations. In this context, Merlin Chain caught my attention. It's a project that aims to tackle Bitcoin's scalability challenges by offering a Layer 2 solution built on the ZK-Rollups model. This translates to faster and cheaper transactions while maintaining security through a decentralized oracle network with anti-fraud measures. Developed by the well-established Bitmap Tech team, Merlin Chain boasts a market cap exceeding $500 million. Their key objective has always been to empower existing Bitcoin assets by enabling them to interact seamlessly on the Layer 2 network. I believe backing from 20+ prominent VC firms like OKX Ventures and ViaBTC suggests confidence in Merlin Chain's future. MERL was launched as the first token on Bitget's pre-market trade platform and had a commendable price action. Is Merlin Chain's Layer 2 solution a long-term solution to this issue? Let's hear your candid opinions in the comments section below! Cheers! #Bitcoin #btc #halving #transactions #merlin #merl #bitget #web3 #wormhole
    • As the crypto sector undergoes transformation, Asia emerges as a formidable player alongside the established giants of the US and Europe. With significant investments and a growing user base, the region's potential for dominance is unmistakable. Leading this movement is Dubai, pioneering crypto adoption with its favorable regulations, attracting crypto exchanges focused on the region. A standout in this field is Bitget, Asia's largest web3 wallet provider, boasting a user base of over 19 million. Through regular events, Bitget cultivates community engagement, recognizing and rewarding the trust and loyalty of its users. One such event, the ongoing "Bitget Super Savings," offers over $20,000 worth of hot tokens across various categories, providing users with an opportunity to enrich their crypto portfolios. For those in South Asia, Bitget extends an invitation to participate in this ongoing event. Seize the chance to earn free hot tokens before the event concludes on April 26th. Good luck!
    • It is ideal that crypto currency exchanges as the admisnistrators of users’ funds should account to them from time to time through transparency reports that can be drafted atleast at the end of every quarter.  Platforms like Bitget have dropped theirs and their growth is pretty impressive. Both spot and derivative volume have grown exponentially. This is a testament to the fact that the team has been doing the good work. In Q1 of 2024, the CEX’s spot trading volume increased by a whopping 113% peaking about $160 billion and the futures trading volume was at about $1.4 trillion signalling a 146% increase.  In march, the platform witnessed the most remarkable growth thus far in the derivative market making it the 3rd largest derivative trading platform for the first time since december 2022.  The user base has also trumped up from the previous 20 million to 25 million users globally.  This demonstrates pure positive social sentiment and traction. In a similar vein, through the course of the previous quarter, the platform added about 186 new tokens, this has placed its number of tokens at 750+ tokens available and 820+ spot tokens.  Most of the listings were relatively very early and some investors made fortunes off it. The launchpool has also witnessed impressive growth, a total of 7 launchpools were done and this led to an increased demand for its native token $BGB. $Bgb has been on steroids since the last quarter, breaking ATHs and establishing new ones. Bitget applauds consistency and security, its Proof of reserve has also grown to about $612 million since March. With this type of security framework users confidence will be instilled to further use Bitget. Here's some proof of the above; https://twitter.com/TokenInsight/status/1767010819282526267
×
×
  • Create New...
us