XCUUSD (Copper) 14 May 2021 Long Trade +1.0R Profit

TRADE REASONS:

XCUUSD(Copper) charts showed the following when the trade was entered on 14 May 2021.

1. Daily chart: 10-day MA was angling up.

2. 4-hr chart: Tested S/R zone (previous price hesitation area) after stochastic %K declined to <20.

The trade plan was to go long at the S/R zone with an initial stop of 1x ATR below the entry price and take profit at the opposing S/R zone.

XCUUSD(Copper) Daily and 4-hr charts

ENTRY:

Entered long at 4.61 on 14 May 2021 13.50hr MYT slightly above the S/R zone. Stop loss was placed 0.06 below entry at 4.55 based on 1x 14-bar ATR. Take profit was placed at 4.85 at the opposing S/R zone.

EXIT:

The stop was raised to 4.67 at 1R after XCUUSD moved up by 2R. It then declined and hit my stop at 4.67 on 19 May 2021 11.27hr MYT for a 1.0R profit.

Disclaimer: 

Trading and investment involves risk, including possible loss of principal and other losses. I shall not be responsible for any losses or loss profit resulting from trading or investment decision based on my posting and any information presented in this blog.