Today is Sunday, July 14th and we are summing up the trading week results.
Profit, $: Dow Jones, 3,780;
Loss, $: Canadian dollar, 20.
Open positions at the current moment are:
Canadian dollar, long position – 4;
Dow Jones, long position – 5;
Canadian dollar, long position – 1 (small account);
Dow Jones, long position – 5 (microcontract, small account).
Let’s consider last trading week’s deals in details.
Dow Jones (open position)
SetUp for Dow Jones was published in the weekly trading plan W24. At the beginning of this week we bought three additional contracts based on this setup. Let me remind you that on the 25th week, we have already fixed the profit on this trade. This week another 3 contracts were closed with the profit of $ 3,780. The Dow Jones total profit is $10,140 at the current moment.
Today we will move stop loss of the position to breakeven. We believe that the impulses will continue. Please note that we trade these instrument based on seasonality including. We plan to hold the position until 17-18th of July.
However, there may be a time lag with the turn down. While we were planning to entry this trade, we waited for the downward correction, but it was a little later (highlighted in yellow). With high probability, we expect the same delay with the next index correction.
Canadian dollar (open position)
We had bought the Canadian dollar because it was the setups for other commodity currencies – New Zealand dollar and Australian dollar.
We compared them. Sometimes we make the trades on instruments for which there is no setup, but which are stronger in comparison with the similar instruments with the active setups. Our strategy was correct. Now we see that the Canadian dollar is much stronger than the other two currencies. The figure below shows that it has been corrected even less than New Zealand dollar and Australian dollar.
We closed the first Canadian dollar trade with the loss of $ 20. In this week we went back into the position. We made this entry based on the TDOM strategy including. If we do not see the strong impulse on Monday, we will close the position and take any profit. This is the short term deal. On the same trade, if there are no impulses, than we leave the market.
Corn (closed position)
Setup to sell was on week 26th. Now everything is very interesting on this setup and trade. Corn price will have the very good decline due to seasonality. We entered the trade at the start of the week.
Before the release of the WASDE report we closed the deal in breakeven because the expectations from the report were mixed. Now we see that the decision was the right one. The report is bearish globally, but it’s bullish in short-term. There are the big corn stocks in warehouses.
We plan to sell once again. The corn price has the trend to decline due to seasonality, which is strong for corn. We need an entry point. This point may be the short-term high. If in the near future short-term high isn’t formed, than the next timing of short-term high formation will be at the end of July – the beginning of August.
By the way, another reason for the corn price increase at the end of the week is the storm Barry. It is now in close proximity to the corn area. Including therefore, the corn price is now growing. However, all of this can change. Therefore, we will try to sell.
So, if we see the short-term high on Monday or Tuesday, we will sell corn.
To sum up the trading week:
Dow Jones Profit $ 3,780
Canadian dollar Loss $ 20
Total profit $ 3,760
Today we will plan for the upcoming week and consider new setups.
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