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
  • General Statistics

    • Total Topics
      20,089
    • Total Posts
      88,150
    • Total Members
      69,079
    • Most Online
      7,522
      10/06/21 10:53

    Newest Member
    Z_Invest
    Joined 04/10/22 00:11
  • Posts

    • Australian Stock Market Elliott Wave Technical Analysis Trading Levels ASX 200 Index (XJO), Forex AUDUSD, US Dollar DXY, Commonwealth Bank CBA, BHP Group (BHP), Rio Tinto (RIO), Fortescue Metals Group (FMG), Newcrest Mining NCM, Australian 2 Yr Government Bonds Yield. Technical Analysis Trading Strategies ASX200 Market Summary: Bear Market Rally  Elliott Wave count: (c) of iv) of 3 of (1) ASX200 Trading Strategy: Wait for the top of Wave iv), confirming the top and then look to short. Gold stocks and other resource stocks have much the same count, including the AUDUSD Video Chapters 00:00   ASX200 (XJO) 08:04 Commonwealth Bank CBA  10:44  Iron Ore Copper BHP RIO FMG  19:53 Newcrest Mining NCM / US GOLD/ GDX 19:53  Lithium Stocks 19:53  Australian 2 Yr Government Bonds Yield 23:49  AUDUSD /  DXY US Dollar  30:05 Thanks for watching! Analyst Peter Mathers TradingLounge™ Australian Financial Services Licence - AFSL 317817 Source: tradinglounge com    
    • Stock Market SP 500, NASDAQ 100 NDX, Russell 2000 RUT. Dow Jones Industrial (DJI) Elliott Wave Technical Analysis and Trading Strategies. US Markets News Today:The Dow moved higher 800 points as stocks rose broadly. Treasury yields fell back towards 4% Elliott Wave Market Summary: The move up is a bear market rally on lower volume, corrective. Expect the next session to open higher then fade lower. Elliott Wave count: iv of (c) of iv) of 3 of (1) Day / Trend Trading Strategies: Day traders look to short Wave cv of (c) of iv) and also the turn lower as Wave (i) and (ii) building shorts... Video Chapters 00:00 S&P500  15:29 NASDAQ 100 (NDX) 19:06 Russell 2000 (RUT)  19:57 Dow Jones (DJI) 21:18 End. Thanks for supporting! Analyst Peter Mathers TradingLounge™ Australian Financial Services Licence - AFSL 317817 Source: tradinglounge com    
    • Market data to trade on Tuesday: AUD rates and GRG earnings          
×
×
  • Create New...