We are observing what seems to be a break and retest trade in Copper (cfd). We had the 3.1000 level which acted as resistance since the end of September. This level was broken convincingly by the daily candle on 20 October consequently peaking at over 3.2. We then observed a retracement to the 0.786 fib zone.Our trade intends to ride the rise from the fib to the Dec 2017 highs. For better R multiple we enter on H4. We enter position as we expect a pullback of some sort at the 3.1200 zone.
Entry: 3.1411
SL : 3.1180 (Very aggressive stop)
TP1 : 3.1990 ( R-2.51)
TP2 : 3.2940 (R-6.62)
Entry: 3.1411
SL : 3.1180 (Very aggressive stop)
TP1 : 3.1990 ( R-2.51)
TP2 : 3.2940 (R-6.62)