Today is Sunday, June 23th and we are summing up the trading week results.
Profit, $: Dow Jones, 6,360.
Loss, $: Coffee, 15,450.
All deals are currently closed and there are no open positions.
Let’s consider last week’s deals in details.
Dow Jones (closed position)
SetUp for Dow Jones was published in the weekly trading plan W23. The setup is interesting because Commercials net positions were in the positive zone. In the comments for our subscribers, we wrote that we planned to go out either on Tuesday morning, if there would be profit, or on Tuesday evening. We closed this deal in the evening. Profit from the trade amounted $ 6,360.
Why was it necessary to exit the trade? 18th of June was the high of seasonality. Then the price moved down to 06/28. That is why we did not take risks and hold this position. Now it is clear that Friday was reversal day for Dow Jones. There may be the corrections. We think that all these corrections will need to be bought. If seasonality is implemented, the price will come up to 06/27-28 and turn around.
And here we will look for entry points in the long position. We will monitor the price movement on Monday and Tuesday, and after we will choose the strongest index (Dow Jones or S&P500) and will buy it.
Coffee (closed position)
Setup to sell was on week 24th. This trade is Commercials trend as well. Seasonality contributes to lower prices here, but due to the FRS news and FOMC Press Conference commodity markets were strong.
On Thursday, the price reached the stop and the trade closed at loss of $ 15,450.
Our opinion is that we need to entry the market once again and look for entry points on Monday. There may be two options:
1. Take open price minus the close price and put this interval down. It will be around Thursday low.
2. We can take 75% of the bar on Friday and go to the position through limit order. Stop loss will be significantly less in this case.
We will sell Coffee below Thursday low. Seasonality contributes to decline of price and the current price movement was the first pullback from the MA18, and it is the largest as usually. We think that coffee down movement will continue.
That’s all of trading week 25.
Next week we will return what was lost this week
To sum up the trading week:
Dow Jones Profit $ 6,360
Coffee Loss $ 15,450
Total loss $ 9,090
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