Today is Sunday, April 07th and we are summing up the trading week results.
Profit, $: Cocoa +10,850; Wheat +900; Cotton +750.
Loss, $: Silver -1,600; Orange Juice -8,385.
Open positions at the current moment are:
Cocoa: long position – 1 contract.
Silver (closed position).
Setup for silver was on week 10th. We did not enter into a position on impulse as there was a stop loss being very high. We were waiting for the correction. Correction came and we entered to short position at 03/27/19. However, on Friday the position was closed with a profit of $1,800 based on risk management strategy.
On Monday, 04/01/2019, we entered into a short position again. However, the price was not able to break through a very strong resistance level around 1495-1490. We noticed 4 attempts last week. We would like to find a strong impulse, as it was after the first entry into the trade (yellow). This didn’t happen at our second entry to silver. It was decided to fix the loss. The loss on silver this week was $ 1600. If we look at both trades results the profit amounts to $ 200.
Cocoa (open position).
The next trade is cocoa. It has been the most interesting and perfect trade for this year. This is the deal that we would like to have in all our other trades:
1. New SetUp, followed by the good movement in the right direction.
2. The level of support operators (blue line). We see that they bought at these levels earlier. As well we noticed that the Lows are growing up.
3. The positions of operators in the positive zone and the sentiment in the zone to buy.
The market was trading at a premium also. This is a very good bull market.
We opened the deal on a pullback. And we fixed the profit in two stages. It was necessary to compensate the loss from orange juice. The total profit for this trade is $ 10,850. We will wait for the correction and look for entry points.
Please note that Friday was an inside day with a close up. This means that there will be a correction soon.
Orange Juice (closed position).
Setup for Orange Juice was on week 9th. There was setup to buy, but it was canceled due to the fact that the price rewrote Low during the week. The orange juice was interesting because the price had been flat for the long time and after moved sharply up.
We thought that a price increase would follow the impulse, but it did not happen. Orange juice isn’t ready for the growth. At the moment we will look at the further movement of the instrument. Perhaps there will be a new setup for sale, perhaps the price will test the level of support. Let’s follow the orange juice.
The position of orange juice was completely closed last week. As it was said in the daily comments for subscribers, part of the position was closed on Thursday at the market price, other part was closed also on Thursday at stop loss. The loss amounted to $ 8,385.
Cotton (closed position).
Cotton was in the plans for the 9th trading week. We have already traded this setup. Last week we were in the trade because there was an entry pattern. Due to the risks we had got out of cotton with a profit of $ 750 not reaching the goal.
The price broke the resistance level of 78 on Friday and now can move upwards. If there is an entry pattern and a good risk/reward ratio, we will trade the instrument once again.
Wheat (closed position).
SetUp for wheat was published in the Weekly Trading Plan W12. Now wheat is the strongest from all grains. Please note that wheat has been in the flat for the last three weeks. The operators’ positions do not change, they are positive and growing. The price should come out from the flat movement in the nearest future and most likely the exit will be upwards.
We believe that we have to try again to get into a long position. We will plan to re-entry at Friday’s high, if there are no major changes identified during the analysis prepared in the next couple of hours. Profit from wheat’s trade amounted to $ 900 this week. The position was closed due to compliance with the overall risk portfolio.
Please note that we began to trade more aggressively to take more deals on rollback. The risk/reward ratio is more interesting in this case and as a rule it is 1:3. Minus from these deals on a pullback is that they can often close on stop loss. It is important to observe the risks. They should be smaller on rollback deals than on impulse trade.
To sum up the trading week:
Cocoa Profit $ 10,850
Wheat Profit $ 900
Cotton Profit $ 750
Silver Loss $ 1,600
Orange Juice Loss $ 8,385
Total profit $ 2,515
Today we will plan for the upcoming week and consider new setups.
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