Today is Sunday and we traditionally summarize the last trading week and prepare our plan for the next trading week.
This week we didn’t close a position, by the end of the week we came up with long positions in Cotton and Gasoline.
COTTON (open position)
SetUp to buy for Cotton was published in the weekly trading plan W16. Position was opened May, 1.
This position has gone through a correction and now has an unrealized profit of $825.
On the weekly chart, we see that the COT index is not discharged. Most likely the upward movement will continue, but will be slow. After the correction, the price has been recovering for a very long time.
If we look at the indicator of supply and demand, we can see that there is a premium. This is a bullish indicator, but something is holding back the price.
Our further strategy here is to wait for the result of trading on Monday and Tuesday, then make a decision. If nothing changes at the beginning of the week, then we will close the position.
GASOLINE (open position)
Long Gasoline position was opened on this Friday. The entry was based on a setup which formed after analyzing the COT report published of May, 8.
This is a correction deal. It is against the trend, so the position is open with reduced risk. The entry was through a rollback on the % R indicator. This is a classic pullback and we were good at getting into position. The position was opened through contract N (July).
There is good bullish accumulation, the indicator Supply and Demand is up and a premium may appear in the coming days.
That’s all about our trading in this week.
Next, we are moving to planning trading week 21.
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