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Base Metals having a little rally


Bopperz

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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.

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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.

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@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.

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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

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