We have done it! Our trading account exited drawdown!
Last 22nd trading week we closed our Platinum position with profit +$ 9,440.
Let’s consider last week’s deals in details.
Platinum (closed positions)
SetUp for Platinum was published in the weekly trading plan W16. Now the price has reached the level of support. COT index is overbought. In the near future there may be the bounce and the trend change or the correction. According to the seasonal trend we see that the fall may continue throughout the summer.
We keep in mind the plan with the correction. Our position is to wait for the correction at the current support level, then if we have the necessary indicators and patterns, we will re-entry the short position. We will talk more about this in the plans for the trading week 23.
What is about our trade? We entered the position at the beginning of May. During the trade we reduced the risks twice and increased the position volume once. Last week we completely closed the position on target price $ 794. The profit from this position is $ 9,440, and the total profit on the trade is $ 5,910.
Japanese Yen (open position)
SetUp for Japanese Yen was published in the weekly trading plan W18. This SetUp is following the trend of Commercials. We highlight in blue the points where they have bought.
We already had the trade on the Yen in early May. We closed it with the profit of $ 3,475 ($ 2,100 in W19 and $ 1,375 in W20). Next, we expected the correction (Trading results W 20-19), the correction occurred. It was the interesting correction on the inside day.
Current deal has been opened on the impulse. On Friday there was a significant growth in the Yen. So we moved stop-loss below Thursday low. We will check price of currency on Monday and Tuesday. And if the new high is made, then the stop-loss will be moved to breakeven.
The current trade in theory should be swift and quick. Japanese Yen has the seasonal trend.
To sum up the trading week:
Platinum Profit $ 9,440
Total Profit $ 9,440
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.
As we mentioned at the beginning of the post, we managed our account to exit the drawdown so we achieved the new high in trading results.
Join us now!
Trade smart, Insider Week team
Our Trading Performance HERE
Our COT-Trading Service https://insider-week.com/iw-cot-trading/