Copper possible long. Horizontal now. Breakpoint decidesCopper will possibly go long. The chart moves Horizontal now. Breakpoint decides if we go long, short or wait.
My strategy is to never trade on volatile markets. You will lose your money when you do! Just like last week, when came up unexpected volatility at oil, and we lost two trades. The won position a day before was at a steady market.
Well, one of my other strategies is that trades are only interesting and ‘safe’ to open when: you can possibly lose 1/3rd of the possible profit. So; when you set the indicators after analysing resistances, and you can lose 100 but win 300, it is worth the try!
Now, I see a opportunity on Copper. The chart is horizontal and the lower horizontal resistance is almost touched. Time to go to the middle again and possibly to the top resistance.
How do I decide to open a position or not? First I analyse:
- sentiment on the market > are people in buy mode or short mode
- I have some own created indicators
- and this own indicators tell me If a new long position starts or a new short > these are the positions where I place my orders!
- and again other own created indicators tell me how far long or short it probably goes. The take profit and stop loss positions are Other positions than the resistances in the market!
And that is Why I win more than I lose. Patience is everything, we’ll wait for the right moment!
Most of the times the sentiment changes on Monday!
Thank you for following and Succes with trading !
Richard from Rich.Exclusive.Trading
