Ask your friends...what would they say? They'd say “Those guys know their edge”, “they push their winners”, “they trade their strategy”, or “nah they just got lucky”. How’d pushing their winners work with Bitcoin in January? And if you don’t know your edge or strategy, are you really a trader? Maybe you’re just getting lucky? ^^ Call me honest panda...just for saying it like it is.
Your greatest tool as a trader is your willingness and ability to admit you were wrong. When you don’t admit you were wrong you resent the loss. Resent is an emotional response, that clouds your judgement. This takes you down the road of seeing what you want to see in the chart. Over trading. And more emotional trauma. Admitting your trade was your own making, and taking responsibility for everything in your control is a step toward preventing all this pain. So guys, I was wrong on the last copper swing up to $3.50. :(
Slow panda walk with me…what happened?
Price did indeed rally briefly from our key support at 3.15 to 3.20...up to a whopping 3.24 and instead of continuing, it became a reversal point. And considering the price action around that level, I suspect we’ll see a run down to 2.95 - basically to the bottom of the big consolidation we have been in (not without a few upside hiccups of course). If we get there, that’s where things get tricky. Will our new key find support? Or will we fail and go even lower down to… dare I say it…. 2.750. (you knew I would because I’m bad)
Damn that's a long way….is Copper still bullish?
Don’t get me wrong, I still see $3.50 as a target, question is when do we go for it? Ask me and copper’s gonna have a good year. Just gotta wait for it. My overall outlook on fundamentals tells me price is supported at a minimum of 2.20. Yeah that’s a long way from where we are. If we establish we are in a retracement, long or short, our best bet is to wait it out.
So what do I like? Get yourself some sweet bamboo and enjoy the show. Trade something else if you’d like, but just wait for the next major buy signal at a key . And don’t worry I got your back when it gets there ;)
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Note: All ideas expressed here are presented solely for learning and educational purposes only. Any gains or losses assumed by trading ideas presented by The Bad Panda are done so at your own risk.