I just bought Copper at 372.80, target price 376.80 I made this trade for these reasons; 1) Copper has crashed over 10% in 2weeks, and the last down move was too fast too steeply. 2) The anticipation of fed meeting tomorrow is that they will weaken dollar which makes copper price rise. 3) Most importantly this 372.80 level was extremely strong support on the YEARLY CHART even. I almost bought copper earlier at 376.95, but so am very glad i didn't and instead waited for it to drop to this support level.
The thing i hate about Copper though is that it has a £500 margin requirement!! :eek: I have abit over £2,000 capital, but so even at just £1 per point the trade has taken £500 (25% of my capital) just as margin!! And so ive got to then put my own stoploss ontop of that, plus have the S&P trade open...
Target moved to 375.84. And i already get benefits.. Thats why i don't depend on my profits from trading to pay for living costs, as i already have a sufficent guaranteed monthly income from other sources.
I just cashed in the whole trade at 1207.2, so for 50pips profit. Which gives me £95.50 profit for today! Id now love to see the S&P rocket upwards, especially since thatd take copper up too.
Im closing mine here at 1198 for +160 pips So a quick 640 quid whilst i've been out watching the manU V Leeds game, lol.
On what did you base your decision to keep the trade open, even through all the sideways and bouncy choppiness action once it dropped below 1206 mate??
Simply because, like I said, I thought we'd hit the 1200 area, and I know from experience that the market doesn't move in straight lines. Trust your analysis. Don't get shaken out. I'm considering taken the rest of the week off. I'm NEARLY beating my best ever week, and it's only Tuesday!!, so I don't want to push my luck! Im up nearly 3k for the week already. Very volatile market. I know to some around here that that amount of money is just chicken feed, but we all gotta start somewhere! Have a good rest of the week Spanish89.
Just cashed in the Copper trade at 374.33 So 20pips profit. I had wanted 75.64, however it moved up very fast and vertically from 371 - 374, and as theres 1st level of resistance at 374.50 so i couldn't be bothered to hold it during the pullback and sideways stuff just for the chance of making a little bit more.
Turns out my exit was good, as this is what happend just a few minutes after i cashed in at 374.33..... (Market went 0.40 below what was my target order's price, then crashed down!)