Today is Saturday, August 31th and we are summing up the trading week results.
10-YR T-NOTES, 1062;
Open positions at the current moment are:
Soybeans, short position – 4.
Let’s consider last trading week’s deals in details.
10-YR T-NOTES (closed position)
SetUp for Treasury Bonds was published in the weekly trading plan W31.
When we entered the deal, we were choosing the instrument between 30 and 10-year Treasury bonds. Due to very high risk of 30 year treasury bonds, we entered the position on 10 year treasury bonds. The risk of this deal suited us. The first part of this position has been closed with the profit $4,187 (link).
As we announced for our clients the last contract was closed yesterday. Profit of this deal is $ 1,062. The total profit from the setup on W31 of Treasury bonds amounted to $ 5,249.
At the moment, on the weekly chart, we see that the upward movement can continue, but if we look at the more detailed daily chart it is clear that there are bounces down due to seasonality.
Our next strategy for this instrument is monitoring. If there is any correction and risks are comfortable for us, then we will buy.
Soybeans (open position)
We entered soybeans position on Monday 08/19. On Wednesday 08/28, we bought 4 more contracts. Last Thursday, the position was closed partially due to decision to shift our investment into soybean oil. There is now the strong seasonal factor.
Profit from 7 contracts closure amounted to $4,025. The total profit from the setup W28 for soybeans at the moment is $12,800. Now 4 contracts remain open. Stop loss is placed above the short-term low 08/22.
According to the seasonal factor, the price may decline until October. In addition on COT charts we see that the commercial players were not enough exhausted to buy. There is a high probability that soybeans will face a decline next week, but short-term growth is possible at the beginning of the week, as Friday was the reversal day.
It would be possible to sell additionally several soybeans contracts, but at the moment the open position is not in breakeven, so we will not do this. Let’s see how the market will be held on Tuesday and on Tuesday evening we will make a decision. On Monday, markets are closed, America celebrates the Labor Day.
We see that there was the rebound last week, but we believe that the index will touch the lows again.
This is all about the results of the trading week.
To sum up the trading week:
10-YR T-NOTES Profit $ 1,062
Soybeans Profit $ 4,025
Total profit $ 5,087
Tomorrow we will plan for the upcoming week and consider new setups.
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