Today is Sunday, May 05th and we are summing up the trading week results.
Profit, $: Cotton, 5940;
Loss, $: Palladium, 1450;
British pound, 525.
Open positions at the current moment are:
Cotton: short position – 4 contracts;
Platinum: short position – 5 contracts.
Let’s consider last week’s deals in details.
British pound (closed position)
Setup for British pound was on week 14th. There was setup to sell.
As it was said in the weekly trading results (W17), part of the position was closed with profit $ 3,975 on the 17th week. Last week, the second part of the position was closed. This part has been closed by stop loss. The loss amounted to $ 525. The total profit from the trade of British Pound is $ 3,450.
The setup to sell is still valid. If we look at the history of the last months, we see that the price of British Pound has decreased by stairs. Therefore, if there is any strong impulse down, we will re-entry the short position with British Pound.
Palladium (closed position)
SetUp for palladium was published in the weekly trading plan W17. Last week was a significant descent down. There were rewritten all lows and removed all the stops.
What is about our position? Part of the position was closed on week 17 with a profit of $ 3,870. Last week the rest of position has been closed with loss of $ 1,450. The total profit from the trade is $ 2,420.
The setup to buy is valid, but at the moment we assume that there will be flat movement. If there are impulses up, we will re-entry the position.
Platinum (open positions)
Setup to sell was on week 16th. Commercials sell the metal. Funds are in a long position. The public is in the longs as well. Seasonality contributes to the fall of platinum. In addition, there have recently been setups to sell for silver and gold (we wrote about this in the group for our members). It also tells us about the possible movement of platinum down. We think that the downward movement will continue.
Position was opened on Friday. Friday is a correctional day, as a rule. We hope that the price will return down. However, if on Monday-Tuesday there is an impulse up to high Wednesday, then we will reduce part of the position to minimize the risk.
Cotton (open position)
There is trade on the trend. Seasonal factor contributes to sell. The position was opened on Wednesday. On Thursday, part of the position had to be closed to cover losses on palladium and British pound.
Currently 4 contracts remain open. If there is a small correction, then we will try to sell several contracts additionally. Today we will move stop loss to the market price. More details of it will beprovided for our members.
This is all about the results of the trading week.
To sum up the trading week:
Cotton Profit $ 5,940
Palladium Loss $ 1,450
British Pound Loss $ 525
Total Profit $ 3,965
Today we will plan for the upcoming week and consider new setups.
These detailed trading plans are published for members in our Insider Week community.
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