Today is Sunday, May 12th and we are summing up the trading week results.
Cotton Profit $ 5,940;
Palladium Loss $ 1,450;
British Pound Loss $ 525.
Open positions at the current moment are:
Crude Oil: short position – 3 contracts;
Cotton: short position – 2 contracts;
Japanese Yen: long position – 5 contracts;
Platinum: short position – 5 contracts.
Several positions have been closed during the week. Let’s consider deals in details.
Platinum (open positions)
Setup for platinum was published on week 16th. For two weeks after the setup established platinum was in the flat. The movement began last week. Platinum has good seasonal trend to downside. COT index is still in the sell area. Thus platinum has possibility to downward movement.
As we said in the results of trading week 18, part of the position was closed to reduce risks overall. The loss was $ 2,870. However, on Thursday, the position was restored. And now we have 5 short contracts. Stop is above Tuesday. We are watching the instrument.
Cotton (open position)
Trade of cotton can be called the trade of the year at the moment J It has been the most interesting movements for this year.
Let me remind you that the current deal is the trend trade. Seasonal factor contributes to sell.
Last week we closed two more contracts. The profit amounted to $ 4,060. Currently, the total profit for the Cotton trade is $ 10,000. 2 contracts are open. Stop is above high of Wednesday on the three-bar system. We hold the position.
Target price is $ 65.
Crude Oil (open position)
SetUp for Crude Oil was published in the weekly trading plan W18. On Monday, we opened the short position (3 contracts). However, the crude oil formed the flat. Tuesday and Wednesday were the inside days. Crude oil is a very speculative tool. And if the movement did not go in the right direction, then we should not expect a significant movement. Especially if the instrument has two inside days.
If the price after entering the position did not go significantly in our direction, then it is better to reduce the position, even with a loss, because the probability of moving in the right direction is reduced. The current accumulation of crude oil can go both up and down.
At the moment, one order is to reduce the position at the entry level, i.e. at the level of breakeven. The second stop loss is above the short term high 05/30/2019. If on Monday we see a downward movement, then we will move the second stop loss to the level of Friday’s high, i.e. significantly reduce risks.
Japanese Yen (open position)
At the moment, the trade looks perfect. The deal is on trend, seasonality is conducive to Yen growth. According to COT index, we see where Commercials are buying (highlighted in blue).
SetUp for Japanese Yen was published in the weekly trading plan W18.
As we said in the comments for our subscribers, we closed the part of the position to reduce overall risks. Profit from the closure of 4 contracts amounted to $2,100.
Now 5 contracts are open and the stop is below the low of Tuesday.
This is all about the results of the trading week.
In addition, if you look at the CRB index, we can see that the index has the downward high. This suggests that it is now better to trade a short position of commodities.
To sum up the trading week:
Cotton Profit $ 4,060
Japanese Yen $ 2,100
Palladium Loss $ 2,870
Total Profit $ 3,290
Today we will plan for the upcoming week and consider new setups.
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