Today is Sunday and we traditionally summarize the last trading week and prepare our plan for the next trading week.
This week is the first this year when we didn’t open positions. Therefore, the weekly results will be short 🙂
Now the holiday season is clearly visible. We see that most of the markets are in flat movements and are trading in narrow ranges. We expect interesting trades in September and October. We believe this will be the best time to make money this year.
This week our focus was on cocoa.
Now there is a correction, but the uptrend may continue. We see that the COT index is slowly discharging, but the chances that the upward movement will continue still remain in the market. Let me remind you that we already had a great trade here. We earned $36,400.
At the beginning of the reporting week, we tried to enter the trade on corrections, but our order was not executed, since the price didn’t reach our entry level and went down for the correction. We didn’t consider a trade through a rebound from MA18, since the supply and demand indicator doesn’t make new highs.
As soon as the trend line of this indicator is broken, then most likely the upward movement will continue.
So, at the moment we are waiting for the exit from the correction, in which the cocoa is now. However, we need to be careful, because very often such corrections turn into a long sideways trend. In general, we would like to see the price above MA18 here.
That’s all about our trading in this week.
Next, we are moving to planning trading week 35.
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