XCUUSD (COPPER) 1 HR BREAK AND RETEST TRADE SETUP

Hi everyone:

Here is my view on XCUUSD (COPPER) LONG, any feedback and comments are greatly
appreciated it. Thank you

Trade: #15
Date: 12/28/2016
Time: 19:00 GMT
Forex Pair/Commodity: XCUUSD (COPPER)
Position: BUY (LONG)
Reward/Risk: 3:1

After a massive break out from the symmetrical triangle on the daily chart, the price has pullback to an important support/resistance zone around 2.4600, 50 EMA and 0.382 fibs retracement. Begin to see some bullish momentum comes in, with a double bottom and bullish engulfing candle on the daily chart.

Looking to execute this trade on the 1 hour chart, after a break and retest of support consist of 50 EMA, 0.382 fibs retracement, main pivot point for a 3:1 reward/risk ratio trade

My Analysis:

Daily: Break out of symmetrical triangle, now retested the horizontal support of 2.4600, 50 EMA, and .382 fibs retracement.
4 Hour: Formed double bottoms, break above the resistance trendline, now retest 20 EMA, MACD bullish.
1 Hour: Nice clear break out of the short term resistance trendline, retest to main pivot, 50 EMA, 0.382 fibs retracement for higher low.

Thank you for your support

Kommentar:

Here are the DAILY and 4 HR Charts:

Kommentar:

Nice! Price shoot up to the upside. Move my stop loss to break even @2.4918

Kommentar:

Price drop down hard in the New York Session, closed the trade with a break even.