Copper(chart attached) Technical comments please

[singh751]

hello gals and guys
this is my first ever post at traderji.com
i am very active trader, i just own an experience of 2years of personal trading

i just went through copper in 3hr candle duration, observed rising flag which holds support at 405 levels

well i am in long position right now,i see copper taking support and expect it to touch the upper parallel line near 425-430 and will reverse my position in short below 405 for targets if 392-395
Please guys do comment, i will really appreciate any suggestions made as well.

here's chart of copper with my little efforts:thumb:

 

[EagleOne]

I do not trade copper but I keep an eye on it. Your analysis is right. But more worrying is the fact that it fell off trendline too soon. Perhaps due to some negative global news on industires that use copper or something. Or perhaps to test 370ish bottom again, which doesn't make much sense as it spent days abosorbing the supply below 405.

Check daily chart. It has more clarity.

 

[singh751]

even in daily charts the pullback is way strong.
well i expect major sell off at 425lvls that is 61.8% retracement of the prev. fall
please suggest more

 

[singh751]

I do not trade copper but I keep an eye on it. Your analysis is right. But more worrying is the fact that it fell off trendline too soon. Perhaps due to some negative global news on industires that use copper or something. Or perhaps to test 370ish bottom again, which doesn't make much sense as it spent days abosorbing the supply below 405.

Check daily chart. It has more clarity.

 

[EagleOne]

even in daily charts the pullback is way strong.
well i expect major sell off at 425lvls that is 61.8% retracement of the prev. fall
please suggest more

yes, you are right again. Most probably there will be huge sell off by day/short term traders between 50-60% fib. A normal practice. And also by people hanging at 430. If you see this happening, ride the shorts. If smart money comes in then all SLs will be gone in a second and people hanging on top will stop selling at loss, making it a bull run in no time. You have to see the PA on the screen to decide for yourself. There is nothing certain in trading no matter what charts say.

 

[singh751]

yes, you are right again. Most probably there will be huge sell off by day/short term traders between 50-60% fib. A normal practice. And also by people hanging at 430. If you see this happening, ride the shorts. If smart money comes in then all SLs will be gone in a second and people hanging on top will stop selling at loss, making it a bull run in no time. You have to see the PA on the screen to decide for yourself. There is nothing certain in trading no matter what charts say.

what does PA means?