Today is February 2, 2019, we are summing up the outgoing trading week.
Open positions as of the current moment: long position in NZD and Gold.
Let’s take a closer look at last week’s deals.
New Zealand dollar. 01/05/19 we had SetUp for the Canadian dollar. Because Canadian is a commodity currency, we compared it with other commodity currencies. We always compare the instrument with other commodity currencies before entering a currency. The analysis showed that the most promising currency is Mexican peso, but since Mexican went up, we decided to operate with the New Zealand dollar.
Currently open 5 contracts. Stop-loss is below short-term low 01/29.
Let me remind that the short-term goal for New Zealand dollar is 0.7001. Medium-term target – 0.74. Tomorrow, when analyzing trading plans for the upcoming week, we will decide what we will do from this position.
Gold. When making plans for the week, we talked about entering into a long position in Gold. Now there is a good seasonal trend. It is planned that the trend will last until the end of February and at the end of the 8th week it will be necessary to look – either Gold will go further along the started trend or, having reached the resistance level of 1350.2, will follow the seasonal trend and will begin to turn around February 22-25.
We entered into a position on gold 01/30, when the price rewrote the high 01/29. The short-term target for Gold is 1331.5. Now stop-loss is on a three-bar system – under 01/29.
01/31 the price did not reach the short-term goal a few ticks, i.e. in fact, the price of Gold approached the goal of this correction. Tomorrow, during the planning of the next trading week, we will decide on the future strategy for Gold.
It is important that the CFTC has resumed publishing COT reports. Reports will be released twice a week on Tuesdays and Fridays. By March 8, the situation with the periodicity of the release of reports will be restored.
Summing up the trading week:
this week we did not fix profits and losses.
Tomorrow we will plan trading for the next week.
Our Trading Performance HERE
Our COT-Trading Service https://insider-week.com/iw-cot-trading/