My winning trades - 26 Sep 2024

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!