Going long copper, gold and Australian dollar futures on dips, are the best trades I see right now. I will discuss each below. I will be making daily comments on this article to update how I am doing in each market so keep checking back daily to see how the trades are progressing. Making loads of money right now.
This is my newest market. On the breakout above 315 in October Copper futures, I feel that the bottom is in and that 3.00 should hold support for the time being. We have already approached a rally to 320 and I look for us to move to 325 and hopefully 330 in the near term. Copper likes to go sideways to higher and then make sharp downward plunges of $3 or more and that is when I like to buy. Wait for the selling to stop and then for the buying to begin and a small uptrend begins. One can still get in within a dollar off the low. The market then will work back to where it was before and often go even higher. I also like to play for small scalps of a few ticks when the copper market is near short-term support. I like copper as the best metal to be buying right now.
If you have been reading my recent articles in gold then you know how I perfectly caught the bottom twice in the past couple weeks. I am now very bullish on any dips in gold below 1280 in October gold futures. I like buying the smaller contracts such as the micro (10 ounce) symbol MGC, or mini gold (32 ounce) symbol YG. This way I can buy on every $2 selloff and take partial profits on all rallies. Friday (today) we are having an inside day down which is bullish and should allow for a rally higher beginning Monday, July 15th. I believe the bottom is in right now in gold and you should see 1320 before you see 1220 in August gold futures.
I have been minting money on this contract right now. Much is skill but a little has to be luck as well. I am not complaining. Anyway, when Bernanke gave the bullish comments at 4:45 p.m. EST. on Wednesday, July 10th, we gapped up nearly a dollar from the closing price when the currency reopened for the night's Globex trading session at 6:00 p.m. eastern standard time. But after topping out at 92.58 and selling off to under 92, and then making a marginal new high at 92.63 very early Thursday morning, the Sept. Australian dollar contract ultimately sold off hard and nearly filled the entire gap except for a couple pennies. That was not bullish action at all. So when we had a late rally into the 5:00 p.m. close to 9150 resistance area, I took profits on all my longs where I was buying into the dips during the day, and went lightly short. When we opened the Thursday 6:00 p.m. Globex session back at 9130, down 20 ticks, we soon sold off to support at 90.92 where I reversed to going long and continued until I was able to get out at 9137. I then played lightly short until I fell asleep. I kept saying that we needed a close above 9150 to put in a bottom and failing to do that after trading to 9263 was a sign we were rolling over and needing to retest and/or take out the lows again. When I woke up this morning I was very pleased to see we just took out the recent 52 week low of 8987 by trading to 8957. I immediately began buying aggressively under 90. If you have read my articles recently you will know how I have been buying all new lows on 50 cent increments. So 8957 was a buy area. Also, if we continued to sell off I would buy again at 8900 and even 8850. Being a Friday we will possibly close under last Friday's closing price of 9018 which would also be very bullish as one can buy on all Friday lower closes as mentioned in a recent article you can find here. Also we continue in a bullish seasonal timeframe through July 26th, even though this year has been a disaster if one took that trade. Today when we moved above 9000 and hit the 9030 area, I took profits and have continued to buy dips to 9013 and 9003 where I buy and then sell 9020 to 9025 for fabulously great scalping profits! Regardless if we close slightly up or slightly down from the 9018 close of last week, I will be buying aggressively on the close as the weekly chart pattern is a Japanese Candle pattern of a flagpole, a name that I coined myself. I always go long when the daily or weekly chart creates a flagpole.