1,500 hands of long closing orders appeared in the market, immediately on the rapidly rising copper price came to the head, just broke through the $2,800 copper price was immediately stagnant, and then began to fall in the stunned crowd, and soon reached the $2,800 integer mark.

"What's going on, are the bears on the counteroffensive?" Almost all long-term investors have such an idea in their minds, and this idea makes them stop the idea of entering the market and wait to see the situation clear.

On the bears' side, when the defense at $2,800 was breached for the first time, their reaction was to set up a new line of defense near $2,810, using the method of stretching the front to gradually consume the bulls' funds, and when they were unsustainable, they would once again suppress the price of copper futures. Because the longs of the options executed on this day were too ferocious, their expectations for the market were not optimistic, and the price of psychological expectations was set at around $2,820.

But now that the market price has just broken through $2,800, there are a large number of sell orders flooding the market, pushing the price at $2,800, which makes them feel a little unbelievable.

"Hamanaka-san, we pulled up and encountered sniping, I don't know whether the bulls closed or the bears opened newly, the momentum is very fierce, and it has touched the line of defense we have set." In the trading hall of Sumitomo Trading, Kenjiro Oshima reported to Yasuo Hamanaka at a rapid pace.

At this point, the atmosphere here has reached a fever pitch, and traders are operating according to the strategy laid out by Yasuo Hamanaka. Originally, their strategy was to take advantage of the long option to enter the market to pull up the price of copper futures. When the price of copper futures reaches $2,800, we will quickly establish a defense, and we must maintain the price of copper futures above this level.

In addition to the rising market, they also set up several strategies for changing situations, such as falling and long and short shili holding each other, because they do not understand the situation of the option announcement, they can only be prepared for various situations.

Because in November, the market is obviously active, because after the traditional off-season, the trading of copper is obviously active, and on the other hand, for performance considerations, speculative funds in the market need to come up with a beautiful report card in the Zuihou months of the year.

Except for the sudden drop at the time of the opening. Everything else was expected by Yasuo Hamanaka. Jongshi's rally behavior was understood by traders as the actions of options bulls, who quickly opened large buy orders in the market according to the pre-arranged plan, pushing the price above $2,800 in one fell swoop.

But before it could push the price up again. Sell orders with large lots appear in the market. This situation was obviously not expected by them. In addition to urgently canceling the buy order that fell below the $2,800 position, the traders waited for Yasuo Hamanaka's next trading order.

"Did we break through our defenses at $2,800?" Hamanaka sat calmly on the sofa chair, still in an ancient posture.

"Not yet. I just don't know how many orders there are in this short stock, and where is the specific price? Kenjiro Oshima wiped the sweat from his forehead and said with some weakness.

He knows that today's trading is not trivial, so after the current copper price rises to a certain position, according to their haode strategy, they will start to close positions on a large scale, with a specific number of hands of about 10,000 hands. If you can't pull that position now, then you will lose the bullish protection of the new entrant today, and it will be a little difficult to hit the predetermined position again.

"Open another 1,000 long positions, set at $2,800, and we must protect our bottom line." Yasuo Hamanaka thought about it and decided to increase his defense at the integer point again.

According to the general market, a buy order of 1,000 lots at a price is enough to set the price slightly above this price, but today's market is not as good as in the past, even if it is Hamanaka Tainan, he has to be cautious.

……

"Zhong Sheng, our closing orders have all been filled, and the price has not dropped by $2,800, what should we do now?" Three minutes later, Andrew received a call from his agent and immediately reported to Bell Stone.

Zhongshi has already understood the situation from the market, and the price of copper futures stayed at the $2,800 position for two minutes. Here, the bears who want to fish in troubled waters and the bulls who have not had time to withdraw their orders have become cannon fodder, and they are sandwiched between the two shilis, like pebbles thrown into the sea, and there is no trace of them again if there is only a small wave.

"Let's go all out!" Zhongshi tested that there is another bull in the market, and the strength is very strong, and he can't help but breathe a sigh of relief, it seems that the expectations of the bulls and bears today are not here.

With the rise of the two copper bulls, the price of copper began to rise rapidly, breaking through the 2810, 2820, 2830 and other thresholds one after another, until the position of 2840 US dollars slowed down the upward momentum.

"What's going on?" Seeing that the price of copper futures has risen rapidly, and the bears have not even put up decent resistance, and it seems that the price has risen vigorously, Andrew couldn't help but ask with some confusion.

Zhong Shi frowned, and did not say anything for a long time, and he also noticed that except for a slight resistance around $2,820, the other points did not seem to have shown much resistance.

"Maybe it's to lure the enemy deeper, right?" Zhong Shi is not sure, and now I am afraid that only this possibility can explain the abnormality of the market.

What they didn't expect was that in this upward momentum, there was a credit to the bears. On the bears' side, some bears have a premonition that today's market will rise sharply, and out of losses and position pressure, they gradually buy contracts in the market to close their positions, and then choose to go long or short depending on the situation.

In this way, the bears are naturally missing a small part of the allies. On the other hand, on the side of the bulls, the determination to go long is very resolute, and almost all the bulls know that the allied forces that entered the market today are strong, and the rise of copper futures is already a sure fact. The only question now is at what price copper futures will rise.

……

"Carl, we've pulled the average price up to $2,780, now what?" Inside the Carl Fund, Jerry looked at the current price and asked Carl worriedly.

Over the past half day, these traders have managed to raise the average price to $2,780 with great difficulty, and in addition to paying the loss of more than $2 million, they have opened 1,000 new positions above $2,820. However, in this situation, the reserve funds have been depleted. The rest of the operation can only close the position step by step.

"Continue with the morning's operation. I don't think this rally will last long, and we'll definitely make a profit after today. Karl said weakly. In this situation, he is already difficult to ride a tiger, if he closes the position now. Close the position at the market price of $2,840. That means a loss of $1,500 per contract. 2,000 contracts is $3 million, plus the previous loss of more than $2 million, a total loss of more than $5 million. It means that everything they have done before has been in vain.

"But what if it goes up? ...... broker," Jerry asked.

Carl frowned and thought for a long time, then looked at the plate again, and then suddenly gritted his teeth and said with great pain: "Flat when it reaches $2,850!" Put the extra money into a short position, and be sure to keep the position. ”

Although Jerry disagreed, he still had to resolutely carry out Carl's instructions, and at this time, in his heart, he was also not optimistic about the future market, so he reluctantly agreed with Carl's idea.

……

Trading continued, and copper futures soon rose to $2,850, where bulls met great resistance. The bears have accumulated enough funds by constantly closing their positions, although the losses are very serious, but they have set their targets for the next few trading days, so they have set up a strong defense at the $2850 position, and the selling orders piled up here are more than 2000 hands, they have estimated the operation of the bulls through the changes in the disk, and in the previous pull-up process, the bulls did not appear to have obvious liquidation, and at this time the bulls must have accumulated a large number of positions, This is a good opportunity for them to counterattack.

As soon as the price of copper rose to the position of $2850, it began to stop, although the bulls attacked several times, but they could not shake the line of defense of the bears, but the bulls were not reconciled, and the price was stalemate at $2848 and $2849 for a while.

"Zhong Sheng, what should we do now, do we close the position?" Seeing the stagnant market, Andrew ran out of ideas, and he and his team of traders opened a long order of 500 lots here, but it did not change the price of copper futures in the market.

"In this case, let's close the position, close part of the long position at the low price, and return the funds." Zhong Shi couldn't think of a haode countermeasure for a while, and after thinking about it, he could only retreat temporarily.

Although he thought very well, he just threw out a 1,000-lot closing order, which was almost eaten up within a minute, and the bulls actually set up a lot of defenses at the $2,840 position, which really became a dilemma.

"Since there is no way, let's attack it!" Now Zhongshi's position has reached 32,000 lots, and the average price is around $2,690, except for delivery, he is not afraid of other situations at all. "3000 hands open, give me it!"

Almost at the same time, Sumitomo Trading's side, after determining that the price of copper futures stabilized above $2,840, Yasuo Hamanaka's eyes showed a look of satisfaction, and when he heard that the bears were ready to freeze the price at $2,850, he showed a look of disdain on his face, and after waiting for five or six minutes, the price of copper futures in the market remained unchanged, and Yasuo Hamanaka said coldly to the trader: "Open 2,000 lots, give me another pull-up, and withdraw the commission after the breakthrough." ”

A total of 5,000 buy orders hit the $2,850 line of defense again, the volume was instantly enlarged after a moment of silence, and the sell orders below the 2,850 position were matched almost in a moment, and then the long and short sides launched a fierce battle at the $2,850 position, and the computer screen quickly came out of the words "multi-exchange", "short-exchange", and "multi-equal", but soon the screen was filled with double-open words.

It lasted for five minutes, the $2850 barrier was finally broken, in the end it was the bulls who had the upper hand, seeing the 2851 number jump out, the market knew who had won, and the followers who had been watching began to enter the market to go long, but before they could form too strong shili, the bulls began to retreat.

The rest is the garbage trading time, copper prices began to repeat in the range of $2850 to $2860, the bears did not counterattack Liliang for a while, and the bulls also died down, and both sides no longer shot. The final copper price was fixed at $2,860, up $102, or 3.7%, from the previous trading day, and the volume reached a staggering 160,000 lots.

On the side of the Carr Fund, despite their great efforts to raise the average price of the entire position to $2,800, they lost $6 million and reduced the size of their position to 1,500 lots. The most tragic thing is that they are currently losing more than $2 million, which means that they only have about $8 million left in all their funds.

"Carl, the broker's call, they told us to call the margin." There was a gloomy cloud in the trading floor, and Jerry hung up the phone call from the brokerage company and said to Carl weakly. (To be continued......)

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