A trade on copper was the source of my winning trades on 26 Sep. The winning strategy was a bullish elephant bar off the 200 period moving average. See the trade set up below.
This trade was what I considered to be a high probability trade on my bull off 200MA trading strategy and these are the reasons why:
The price action after having been extended above the 200 period moving average was gently and surely moving back to this key moving average.
When the main trading session opened the trigger candle itself was straight up with volume, suggesting there was conviction behind this move
Structurally, on the higher time frames, copper was already showing bullish momentum
After entry, the price action did hold and consolidate and even when there was a large bearish bar, this was immediately pushed back up by the bulls and eventually priced moved to the upside.
Profit taking on this trade was executed in 3 tranches. After this consolidation above, price moved to the upside and when I had sufficient unrealised profits relative to the risk taken on the trade I took a third of my position off the table and then another third and only then moved the stop loss to break even.
You will see from previous trades I didn't maximise profits but on this trade I closed the full position having achieved a return of 3 times my risk.
Trade Clearly!
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