Recent updated chart. Worked nicely. Looks to me like a correction of some sort could be expected for the early part of this coming week.
updated from here
FCX reports tomorrow morning at the open.
So far, it has had this nice channel setup, where the breakout cycle is similar to a shoulder (61.8% retracement of the previous cycle):The larger picture is still down for now
Price is currently right up against the 50-MA with the 20-MA just below
The setups I include on this blog are used in conjunction with the 3/10macd and the criteria I ascribe to it as a way to alert me to an existing condition of price. The key concept to take away from this blog is that I try to anticipate what will happen on the higher time frame by using a faster time frame to trigger the trade setup. I do not trade a "system" I use two indicators to clue me in to price conditions. Please read the Disclaimer located in the sidebar of this site. I can be contacted via email at firstname.lastname@example.org
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