Today is Saturday, September 22nd and we are summing up the trading week results.
Orange Juice, 660.
Open positions at the current moment are:
Cocoa, long position – 3.
Let’s consider last trading week’s deals in details.
Firstly, please find our map of COT-Setups for week 38. This is screen from membership zone My-Insider-Week.
Orange Juice (closed position)
SetUp to buy for Orange Juice was published in the weekly trading plan W33.
Globally, the trend for orange juice is in the downward phase. Therefore, this setup was against the trend.
The price is long without moving. We can say that since the beginning of this year, the price has been in the flat. As we have said many times, if the price did not immediately go through our setup in the direction we need, then we should to exit the deal. There is such the situation. We plan to wait for the next setup to buy. With a high probability, a new setup will appear in early October. We can try to entry a long position on the seasonal trend.
This is regarding our position. We had the short-term position open. The entry was according to the pattern of the inside day. The price did not go in our direction and we came out with the small loss of $ 660. Further strategy for the instrument: we are waiting for a new setup and entry pattern. Previously, it will be in early October.
Cocoa (open position)
Setup to buy was on week 37th. Setup is well implemented. According to the time range, the price has reached the seasonal peak and may go down. However, the net positions of operators are not greatly reduced. The COT index is in the buy zone. There is a chance that the price will not go according to the seasonal trend. Friday additionally showed that the trend is very strong. In the morning there was the slight correction, but by the end of the cocoa session it was bought back. This is the strong bullish signal.
Our cocoa position was opened on Monday the 37th week. 13 contracts were bought. Last week, part of the position was closed. We recorded the profit of $ 17,000.
Part of the position remains open. Stop loss in the second half of the position, we will move the three-bar system. Now we are moving the stop loss below the low of Wednesday.
As mentioned above, seasonality should be the high in the near future. ADX is heavily overbought as well. In the near future we will see whether there will be a correction or not. We hold the open position.
Dollar Index (closed position)
Setup to sell was on week 37th. The setup is against the trend.
We expected a decline and entered the position on the short-term pattern.
The price stood sideways all week and it was decided to go to “zero”. Here we see no movement.
If there is the price fixing below MA18, then here we can consider another entry into the position.
This is all about the results of the trading week.
To sum up the trading week:
Cocoa Profit $ 17,000
Orange Juice Loss $ 660
Total profit $ 16,340
Today we will plan for the upcoming week and consider new setups.
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