Trading results W 26-19

by Michael Chechnev | Jun 30, 2019 | Trading week results

Hello, Insiders,

Today is Sunday, June 30th and we are summing up the trading week results.

Open positions at the current moment are:
Copper, long position – 5 contracts;
New Zealand dollar, long position – 4 contracts;
Canadian dollar, long position – 4 contracts.

Let’s consider last week’s deals in details.

Copper (open position)
SetUp for Copper was published in the weekly trading plan W26. This copper setup can be called perfect. There is the level of support. It is clearly seen where Commercials have bought the instrument (blue line). Sentiment and the seasonal trend contribute the price growth.

According to the seasonal trend, the price was just in the low. We expect price growth. Most likely the markets are still frozen due to the current G20 taken place in Japan. We suppose high volatility from Monday to Tuesday. We moved the stop loss closer to the market price and now it is placed below Monday low. We will be watching for copper. The market looks bullish.

New Zealand dollar (open position)
We are in commodity currency trade. New Zealand dollar buy setup was on the 25th week as well. There is the similar picture with the support of Commercials. Seasonality also works.

On Thursday and Friday the market closed very close to the high of the day. Therefore, most likely there will be the correction. Stop loss we are moving below the short-term low. In this case, this is Wednesday low minus 1 tick. The correction should not be deep.

Canadian dollar (open position)
During entering position of New Zealand dollar, we compared all commodity currencies.

At that time, the Canadian dollar was the stronger than New Zealand dollar and Australian dollar. Mexican Peso is not taken into account, because it is currently living its life. For that reason, it was decided to entry to long position of Canadian dollar. We divided the risks of the portfolio of commodity currencies into two and we entered into Canadian trade with 2% from account. At the moment we hold the position. At the end of this week, three bars also made new high, so the correction is possible here as well. Due to this stop loss was moved below Wednesday low minus 1 tick.

CRB Index
If we look at the market of commodities, we believe that the CRB index was close to the level of support. Now we would expect to see the growth of commodities. Indicators and cycles shows that growth may begin in the near future. Let us remind that according to our research the CRB cycle duration is 18 months.

The Sum up the trading week:
This week we did not fix profits and losses. We will develop our trading plan for the upcoming week and consider new setups.

These detailed trading plans are published for members in our Insider Week community. Join us now.

Trade smart, Insider Week team

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