Today is Sunday, August 04th and we are summing up the trading week results.
Profit, $: Palladium, 6,420.
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.
Canadian dollar (open position)
SetUp for Canadian dollar was published in the weekly trading plan W30. There is the trend SetUp. The last time the operators sold in 2018 (highlighted in blue). There is the downtrend.
We have the open short position for 16 contracts. We entered in the deal on the MA18 pattern. Stop loss place above short-term high 07/31. The short-term target price at the moment is 0.7512.
If we look at the weekly chart, then the price has range to drop on the seasonal factor. The accumulation is bearish, the momentum is bearish. Indicators show that the decline may continue.
We will analyze in detail the further strategy on weekly plans. There we will make the decision – we will take profit or continue to keep our position.
Soybeans (open position)
Setup to sell was on week 28th.
The price has not yet reached the target. Stop loss we move on the three-bar system. We do not consider the inside day. So stop place above 07/30.
On the Daily chart, we see that the price moves reasonably well with seasonality. We see that 08/13 is the low of seasonality as well. The supply and demand indicator is still bearish. We think that short-term downward movement may still continue. We assume that the price target may reach 844.
The trend catcher formed here as well, but one more short contract is not look logical, because risk/rewards is not reasonable.
Palladium (closed position)
SetUp for Palladium was published in the weekly trading plan W30.
As we see now, the very good setup for sale has formed. There was the strong level of resistance. The first time we sold the instrument with small stop, but the position closed through stop loss with loss of $2,000. Then there was another entry into the deal and he paid off. Price quickly hit the target price. We covered the loss of the previous trade and made the good profit of $ 8,420.
We think that the price will go down. The indicator of demand and supply is bearish. We plan to sell Palladium on all short-term patterns that will arise in the near future.
A few words about the CRB index.
There was accumulation and now the index shot down. All our setups to buy of commodities did not work, and this is cotton and sugar. Now the bounce from the support line is possible, but we are inclined to the idea that the index will continue to decline. The reason is there are declining short-term highs. We do not plan to change our strategy to buy or sell our setups.
This is all about the results of the trading week.
To sum up the trading week:
Palladium Profit $ 6,420
Total profit $ 6,420
Today we will plan for the upcoming week and consider new setups.
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