Ratio Spread

Long 1x Copper Mini & Short 2x Silver Micra

Big Picture

• Silver Micra has below average volatilitythereby making the condition of the market a“quiet downtrend”

• Copper Mini has below average volatilitythereby making the condition of the market a“quiet sideways”

Intraday Fundamentals

• Ukrainian forces and pro-Russian separatists in the eastern reaches of the country continued to clash on Monday, resulting in the death of one Ukrainian soldier.

• Ukraine will hold elections on May 25, and concerns persist that Russia will meddle in the voting and escalate the crisis.

• Tensions in Libya flared after gunmen stormed parliament on Sunday in some of the worst violence the country has seen since the 2011 war that ousted Muammar Qaddafi.

• Data from the CFTC showed that net silver longs totaled 1,696 contracts as of last week, up 41.7% from net longs of 988 contracts in the preceding week.

• According to the CFTC, net copper longs totaled 13,174 contracts as of last week, compared to net longs of just 698 in the preceding week

Trade Management

• I bid for copper mini at 413.6 and made an offer for silver micra at average 41032, thereby completing both the legs of the inter market spread

• I hit the bids to exit copper at 413.5 and bid silver micra at average 40894

Intuition

• NO

Review

• I did a good job waiting patiently for the trade

• I exited the trade early to make early cash flow to close the day positive as I had some other pending commitments which I needed to attend to.

• It was imperative to close net positive today as I am on bit of cold streak and streaks end by closing positive.

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