Today is Sunday, July 28th and we are summing up the trading week results.
Loss, $: Copper, 7,987.
Open positions at the current moment are:
Canadian dollar, short position – 16;
Soybeans, short position – 6.
Let’s consider last trading week’s deals in details.
Copper (closed position)
Not everything went as desired. We discussed the setup as new on the 26th week. The latest buy setups were in the middle of 2018, at the beginning of 2019. Support levels are clearly visible here. But, if you look closely, then the price does not go much higher from this support level. In other words there is the flat. And now it continues. The price bounced from the MA52 and did not break through it.
In addition, the seasonal factor turned out to be strong, which is pushing the price down. We see that 07/31 is high of seasonality. Copper is the difficult instrument.
This is the third entry into the cooper deal. At the first entry into the copper we lost $7,062 (look at our statistics). It seemed to us that the price was in accumulation and the candle last week strongly encouraged us that this was the impulse and it would continue. No. In fact, we see that the price has gone down. Short-term seasonality confused us. But the fact remains that we lost another $ 7,987.
Also here the indicator of supply and demand has changed significantly.
Sadly, we have to analyze out losing trades. Few people understand them, and let’s be honest, few people show them.
Tomorrow begins the 6th week of the copper setup. I want to remind you, and you probably noticed this, that the greatest completion of new setups is 1-2 weeks.
We decide that we will not trade copper yet.
Canadian dollar (open position)
SetUp for Canadian dollar was published in the weekly trading plan W30. Price moves along the trend. Pay attention for the COT index and where the operators sold CAD. In favor of the short position, they say lowering high, the bearish sentiment and the pattern Bubble. Momentum is also reduced.
The position was opened on Friday. We placed stop loss above short-term high.
Please note that we expected the specialist trap, because there was accumulation, but the scenario did not realize and the price immediately went down. We keep the position. There is a good chance for the fall.
Cocoa (open position)
Here our order is not activated. Let me remind you that we did not entry this deal on Monday due to the demand/supply indicator. The indicator was very bullish. As soon as it began to change in the bearish direction, we placed the limit order and hoped for the small pullback for the better risk/reward ratio in the trade. But the price has not reached our level. We hope that soon there will be some kind of rollback. On it we will try to get into the short position. This is one of the potential trade next week.
Soybeans (open position)
Setup to sell was on week 28th. Notice that the seasonality indicator works well on soybeans.
We see that momentum is bearish as well. Accumulation made the divergence. There are bearish signals. It seems that there may be the decline. We are in the deal. We don’t move stop loss. Position keeps in the portfolio and we are waiting for the decline.
This is all about the results of the trading week.
To sum up the trading week:
Copper Loss $ 7,987
Total profit $ 7,987
Today we will plan for the upcoming week and consider new setups.
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Trade smart, Insider Week team
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