Hey fellow traders. Happy Thursday. Trader Steve here. Guess what? Today’s recap is going to be short and sweet because just one trading opportunity emerged today, a short sight opportunity in the copper but very quickly in the trade. I realize I didn’t like it anymore. Hey, it happens. Remember? I cut bait on the tray for a $50 per contract loser. Not a big deal. Nothing to stress about. In fact, as I said, in the Futures Trading chat room, sometimes the value of your time for the rest of the day ends up being your hottest commodity.
Let’s talk a little bit about this trade here. If you follow my cursor on the chart over here on the left, notice that over here, the bottom of the demand zone at 270.81. That’s that green line emerge that we started to see these red color bars emerge with the market breaking down below. We initiated a short position at 270.60 in the copper. Right here. We only risked $187 per contract initially on our risk because we put the stop at 271.35, which is up above here. We also like the original entry to the trade because we’re breaking on the 30 minute chart. So if you draw your attention over here, you can see the green horizontal line there marking the bottom of the balance zone. Comes in 270.79. So again, early on in the trade. I liked it, but I did want this to be a scalp trade. I expected the trade to move in a relatively short period of time within about five, 10 minutes max. Didn’t happen. So I end up cutting bait on the trade at 270.80, so 20 points at $2.50 per point. $50 per contract.
You can see here now as I’m recording, this market is starting to break down below. So oh hum, this thing move right back in the money. At least for now. But for me again, I want to enjoy the rest of my day. In fact, I might go and join my Michigan retreat for a little bit. Maybe into the weekend. I’ll be picking it up tomorrow. We’re going to see what opportunities we can find at the beach tomorrow. How does that sound? Enjoy the rest of your day. Trade well, and be well, and I’ll catch you in the morning. Bye-bye.
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