After a long consolidation (triple bottom), it looks like the copper price finally broke the longer term downtrend and currently undertakes a bullish rally.
The idea, is to trade the rising wedge with a potential break of it in the upcoming hours. I am personally bullish on this as the underlying trend is up alongside with strong fundamentals for the metals market. But there is a possibility that there will be a break on the downside as well. Open on the 1h candle close above/bellow the wedge.
If the break will not happen before the close of the US trading session the pattern and the overall trades set up will become invalid.
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As expected, the wedge has been broken on the upside. Long position has been opened with targeting the M P O projection.
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Unfortunately the price action did not demonstrate enough strength to hit the projected target. A retest move to the upper line of the wedge is expected on Monday.
Personally, moved my initial SL level to break even.
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After the recent price action, I found out the the rising wedge that was projected is not ideal
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If zooming out there can be seen a much bigger rising wedge pattern, as a result, moved my profit target to a higher level (as on the chart below) If the price will start to retrace will move my SL lower, according to the new pattern.
Đóng lệnh: dừng lỗ
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Unfortunately, mainly due to the resumed risk-off scenario the price retraced and reached my SL level, which was moved to the open level.