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Re: Gian1 - Copper Market
Posted By: USCoralSea In Response To: Re: Copper Is Still A Sell, Watching For 2nd Break (Gian1)
Date: Monday, 12 May 2008, at 4:42 a.m.
Your time frame is slower than what I trade. I trade the daily chart and the 4,9, and 18 day moving averages have already crossed over. So your trading system is 5 days behind mine. The sell I mention is a possibility because the first break out has occurred already happened by 4/30 It becomes a second sell when takes out this natural support bar at 366.8
I do not use the Bollinger bands for trend trading. I have used them for counter moves some times. I basically us Bollinger to find low volatility in markets for trading delta neutral position. The work great for that.What resistance are you referring to? Are you talking about the weekly chart or daily chart? The only resistance I see on the daily chart is around 381. area. The next price target on this second break out would be around 355. area.
Well if a frog could fly it would not have to jump lol, but I know what you mean about the big word IF in trading. It also apples to any trading system.The markets is always the boss lol. all we can do is find ways to attack it hopefully with a good trading method or system and make money. I have such a methods tried and has worked since the beginning of chart studies. I am very please with the over all results.
My second sell is not based on a break out of a trading range or a side ways market because for now one does not exist. Copper has been trading down for the last 3 days after the first break out and Fridays trading it had a higher low since the break out. When I trade trading ranges I trade it two ways. 1. inside a wide price range catching moves off the top (resistance and off the bottom (support) And when it breaks out. My break out is based enough momentum and my entries are placed in such away that eliminates false break outs about 85% of the time. All my trading is based on momentum moves taking out key resistance and support in trends, trading ranges, congestions. Pretty much all chart patterns have resistance and support areas that first has to be broken through before I would take a position. My trading methods using good risk control and money management has worked well for me for over 16 years, I prove it each and ever week here on TFC posting my Market Picks. But every now and then the markets will pull my pants down and spank me lol as in all good trading systems they only work most of the time and then the market will give you a bloody nose. lol.
If your system works then stick with it. Don't fix what is not broken and you will do ok trading. Learn to take some profits often and get to the point you can trade multiple contracts, futures or options. I have sold to thousands of traders over the years and not one complaint yet. So I am very please in the results .
Happy trading my friend.
USCoralSea
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