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Muttoez Trading Journal
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Muttoez Trading Journal

  #21 (permalink)
Elite Member
Sydney + Australia
 
Futures Experience: Intermediate
Platform: Sierra Chart
Broker/Data: InteractiveBrokers
Favorite Futures: Commodities
 
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Posts: 411 since Mar 2016
Thanks: 34 given, 219 received

Review of April 12 Trading Action

I exited my Soybean Oil positions during the session.

Losses today in both Soybean Oil and the 10 Year Notes.

Here are my comments on my open positions based on the days price action.

ZL Soybean Oil

Trade: Long 2 contracts of May Soybean Oil
Entry Price: $0.3195
Exit: $0.3339
Trade Grade: 4/5

Daily Comment: Soybean Oil was lower again during the session trading down after the WASDE report to trigger my profit protection Stop. The price finished well off the lows posting a candle with a lower shadow.

Trade Comments: I was potentially stopped out prematurely on this trade based on the closing price action. There is always a delicate balance between protecting open profits and letting the trade run to its full potential but I would not change my Stop placement on this trade if the same situation presented itself again. Despite the closing price action, I would rather lock in the profit on a contract that is close to expiry rather than risk any further weakness impacting my open profits.

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Trade: Long 2 contracts of July Soybean Oil
Entry Price: $0.3451
Exit: $0.3365
Trade Grade: 2/5

Daily Comment: Soybean Oil was lower again during the session trading down after the WASDE report to trigger my Stop. It appears that I did not adjust my Stop when the second half of my position was filled recently so I was only stopped out of half my position rather than the full position. The price finished well off the lows posting a candle with a lower shadow.

Trade Comments: My attempts to pyramid the position have not worked on this occasion. The error on the order entry again makes it 3 in as many weeks. This is very unusual for me and I will need to be much more diligent with my orders before they end up costing me a lot of money. I have not yet decided what to do with the remaining half of the position. Instincts tell me to exit the trade and move on but there is also the option of using this contract as the rolled position from the May contract and continuing with the trade as there is no clear evidence that the uptrend has broken at this point. I will re-evaluate the trade at the end of the next session and make a decision.

QO Mini Gold

Trade: Long 1 contract of Jun Mini Gold
Entry Price: $1,230
Risk: stop placed at $1,219.50 risking $525
Target: $1,600

Daily Comment: Gold above and below the 61.8% retracement mark during the session closing right at this level and posting a doji candle signifying indecision.

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DX US Dollar Index

Trade: Short 1 contract of the US Dollar Index
Entry Price: 94.315
Risk: stop reduced to 94.76 risking $445
Target: Initial Target 93.50, Longer Term Target - 88

Daily Comment: The US Dollar Index was lower again during the overnight session posting new lows. I tightened my Stop again at the start of the day session to 94.76 to lower my risk on the trade. Prices rallied during the day session but finished off the highs posting a doji candle.

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ZN - 10 Year Note

Trade: Long 2 contracts of the US 10 Year Note
Entry Price: 131 5/32
Risk: stop placed at 130 15/32 risking $1,375
Target: 135 16/32

Daily Comment: The Notes were lower today trading back below the 61.8% retracement and coming within a tick of my Stop.

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  #22 (permalink)
Elite Member
Sydney + Australia
 
Futures Experience: Intermediate
Platform: Sierra Chart
Broker/Data: InteractiveBrokers
Favorite Futures: Commodities
 
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Posts: 411 since Mar 2016
Thanks: 34 given, 219 received

Review of April 12 Trading Action

Here are my comments on the opportunities Im watching based on the days price action.

HG - Copper

Comments: Copper bounced strongly off the 61.8% retracement level today posting a bullish full bodied candle.

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ZS New Crop Soybeans

Comments: Soybeans in the new crop were higher again today posting another full bodied candle. The price action continues to suggest a bullish outcome.

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CL Crude Oil

Oil broke through the 61.8% retracement of the recent range during the session posting a bullish full bodied candle. Should the upside target at $47 be met I will be looking to enter a Short position.

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  #23 (permalink)
Elite Member
Sydney + Australia
 
Futures Experience: Intermediate
Platform: Sierra Chart
Broker/Data: InteractiveBrokers
Favorite Futures: Commodities
 
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Posts: 411 since Mar 2016
Thanks: 34 given, 219 received

Review of April 13 Trading Action


I was stopped out of my 10 Year Note position during the session.

Losses today in both Gold and the US Dollar Index.

Here are my comments on my open positions based on the days price action.

ZL Soybean Oil

Trade: Long 1 contract of July Soybean Oil
Entry Price: $0.3451
Risk: stop placed at $0.3365 risking $500
Target: Initial Target 0.3640, Longer Term Target - $0.43

Daily Comment: Soybean Oil was higher during the session but finished off the highs posting a candle with an upper shadow. The rally in the overnight session paused at the 61.8% retracement mark of the recent range. I have decided to hang onto this position as a replacement for my core position from the May contact exited yesterday. I will look to implement the full core position when prices exceed the 61.8% retracement level at $0.3345

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QO Mini Gold

Trade: Long 1 contract of Jun Mini Gold
Entry Price: $1,230
Risk: stop placed at $1,219.50 risking $525
Target: $1,600

Daily Comment: Gold fell back through the 61.8% retracement level during the session trading back down to the 40 SMA.

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DX US Dollar Index

Trade: Short 1 contract of the US Dollar Index
Entry Price: 94.315
Risk: stop reduced to 95.15 risking $835
Target: Initial Target 93.50, Longer Term Target - 88

Daily Comment: The US Dollar Index rallied strongly during the overnight session. I re-assessed the position of my Stop at the start of the day session after all the recent movements. I believe that I may have been a bit quick to tighten the Stop on this position as the Stop was sitting below the short term moving averages which I dont believe is a wide enough Stop so I moved the Stop back to the position before the last move. This change prevented me from being stopped out of the position during the session as the price continued to rally up to the 15 SMA and finished at the highs.

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ZN - 10 Year Note

Trade: Long 2 contracts of the US 10 Year Note
Entry Price: 131 5/32
Exit Price: 130 15/32
Trade Grade: 1/5

Daily Comment: The Notes continued lower during the overnight session triggering my Stop. Prices traded down to the 15 SMA before bouncing to finish the session slightly higher but off the days highs posting a doji candle.

Trade Comment: A trade I accidently entered due to poor order management and a trade I would not yet have entered based on my trading plan. I should have exited the trade the moment I realised the mistake with the order entry as there was no basis for entering the trade at the time my order was triggered. I also believe that the quantity traded and the amount risked was all too high for this trade in any case. A poor trade all round.

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  #24 (permalink)
Elite Member
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Futures Experience: Intermediate
Platform: Sierra Chart
Broker/Data: InteractiveBrokers
Favorite Futures: Commodities
 
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Posts: 411 since Mar 2016
Thanks: 34 given, 219 received

Review of April 13 Trading Action

Here are my comments on the opportunities Im watching based on the days price action.

ZS New Crop Soybeans

Comments: Soybeans in the new crop surged higher again today posting another bullish full bodied candle.

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CL Crude Oil

An indecisive day for Oil with a small range and a doji candle.

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  #25 (permalink)
Elite Member
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Broker/Data: InteractiveBrokers
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Posts: 411 since Mar 2016
Thanks: 34 given, 219 received

Review of April 14 Trading Action

I was stopped out of my US Dollar Index position during the session.

Losses today in both Gold and Soybean Oil.

Here are my comments on my open positions based on the days price action.

ZL Soybean Oil

Trade: Long 1 contract of July Soybean Oil
Entry Price: $0.3451
Risk: stop placed at $0.3365 risking $500
Target: Initial Target 0.3640, Longer Term Target - $0.43

Daily Comment: Soybean Oil rallied up to the 61.8% retracement mark of the recent range again today before reversing to finish the day lower posting a spinning top with both an upper and lower shadow. NOPA crush data is released tomorrow which may impact Soybean Oil prices. I will be watching the release of this report closely.

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QO Mini Gold

Trade: Long 1 contract of Jun Mini Gold
Entry Price: $1,230
Risk: stop placed at $1,219.50 risking $525
Target: $1,600

Daily Comment: Gold traded lower again today posting a bearish full bodied candle.

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DX US Dollar Index

Trade: Short 1 contract of the US Dollar Index
Entry Price: 94.315
Exit Price: 95.15
Trade Grade: 3/5

Daily Comment: The US Dollar Index rallied strongly again during the overnight session stopping me out of my position. Prices rallied back up to re-test the 61.8% retracement level but pulled back from the highs to close the session posting a candle with an upper shadow.

Trade Comment: I played around with the Stop on this trade a lot more than I have with other trades. I may have been better served leaving the Stop in the original position and letting the trade run its course. There is the risk that I have been stopped out prematurely as part of a correction to the dominant trend.

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  #26 (permalink)
Elite Member
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Broker/Data: InteractiveBrokers
Favorite Futures: Commodities
 
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Posts: 411 since Mar 2016
Thanks: 34 given, 219 received

Review of April 15 Trading Action

I added to my Soybean Oil position on the weakness in the overnight session.

Finished flat for the day with gains in Gold offset by losses in Soybean Oil.

Here are my comments on my open positions based on the days price action.

ZL Soybean Oil

Trade: Long 2 contracts of July Soybean Oil
Entry Price: $0.3412
Risk: stop placed at $0.3352 risking $720
Target: Initial Target 0.3640, Longer Term Target - $0.43

Daily Comment: I added the other half of my core position from the May contract during the weakness in the overnight session. I also adjusted my Stop position below the recent low. Soybean Oil fell during the overnight session and continued falling during the day session finishing at the lows posting a bearish full bodied candle.

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QO Mini Gold

Trade: Long 1 contract of Jun Mini Gold
Entry Price: $1,230
Risk: stop placed at $1,219.50 risking $525
Target: $1,600

Daily Comment: Gold was higher today making up some of the falls from the previous day.

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  #27 (permalink)
Elite Member
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Futures Experience: Intermediate
Platform: Sierra Chart
Broker/Data: InteractiveBrokers
Favorite Futures: Commodities
 
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Posts: 411 since Mar 2016
Thanks: 34 given, 219 received

Week in Review - 11 - 15 April Pt I

Trades for the Week:

- Exited Long position in May Soybean Oil for a profit
- Exited half of the pyramided Long position in July Soybean Oil for a loss
- Exited Long position in the 10 Year Notes for a loss
- Exited Short position in the US Dollar Index for a loss
- Added to my Long position in July Soybean Oil

I rough trading week this week. I had a few losing trades during the week and also saw the majority of my open profits evaporate in the space of 2 days. One of those weeks that the market reminds you how quickly things can turn. I dont have any major issues with my trading for the week, its just one of those weeks that happens from time to time.

Ill start the weekly update with comments on my open positions at the end of the week.

ZL Soybean Oil

Soybean Oil attempted to move higher a few time this week but each move was met with selling and prices finished Friday on a negative note. The fundamental reports during the week were mixed and offered no real impetus for price movements in either direction. At this stage no major damage has been done to the uptrend.

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QO Mini Gold

Gold edged over the 61.8% retracement mark to start the week before reversing strongly trading back down below the 40 SMA. The chart has developed a possible short term head and shoulders top which I am monitoring. I have moved my Stop down slightly so that it is below the neckline of this pattern.

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  #28 (permalink)
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Futures Experience: Intermediate
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Broker/Data: InteractiveBrokers
Favorite Futures: Commodities
 
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Posts: 411 since Mar 2016
Thanks: 34 given, 219 received

Week in Review - 11 - 15 April Pt II

Next up Ill have a look at the other markets that I have traded or been watching during the week.

DX US Dollar Index

The US Dollar continued to fall at the start of the week posting new lows but rallied strongly on Wednesday and Thursday to re-test the 61.8% retracement level. The price has not been able to exceed this level at this stage and a change in trend is yet to be confirmed.

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ZN - 10 Year Note

The 10 Year Note broke back down through the 61.8% retracement level during the week but was supported by the rising 15 SMA. Further evidence is required to conclude the next move in the 10 Year Notes.

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HG Copper

Copper bounced strongly from the 61.8% retracement level at the start of the week rallying up to the falling 15 SMA before pausing.

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CL Crude Oil

Oil broke through the 61.8% retracement of the recent high and low at the start of the week rallying strongly up to the recent highs before reversing and finishing the week back towards the 61.8% retracement level. The big Doha talks are happening over the weekend which will likely have a big impact on trading direction next week.

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ZS Nov - New Crop Soybeans

New Crop Soybeans confirmed the bullish break when they broke through the 61.8% retracement of the recent range at $9.33 with impulsiveness. Prices continued to rally strongly through the week after breaking this level. The initial target for the move is $10.68.

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  #29 (permalink)
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Posts: 411 since Mar 2016
Thanks: 34 given, 219 received

Week in Review - 11 - 15 April Pt III

Lastly, Ill review some other markets that Im watching.

HE Lean Hogs

Lean Hogs failed the 200 SMA towards the end of the week and the price action suggests further weakness ahead for hog prices.

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SB Sugar

Sugar continued to trade lower throughout the week but rallied strongly on Friday posting a bullish full bodied candle with a range greater than the recent averages. I am looking for prices to exceed the 61.8% retracement level of the recent range at $1.57 for evidence the recent uptrend has resumed.

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KC Coffee

Coffee prices were fairly quiet during the week with little volatility. The 61.8% retracement mark of the recent range appears to be providing support. I am looking for prices to exceed the 200 SMA with impulsiveness to enter a Long trade.

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GF - Feeder Cattle

Feeder Cattle was mixed during the week trading in a very small range both above and below the 61.8% retracement level of the recent range. Prices are still trading within the rectangle channel.

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ZM Soybean Meal

Soybean Meal looks like it may be trying to surpass the 200 SMA after a long downtrend. If this level is surpassed it could be the beginning of a bullish break.

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  #30 (permalink)
Market Wizard
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muttoez View Post
The reality for a discretionary trader is that you are going to miss trades. Its not possible to see every setup and be ready for every opportunity.

Great to see a tidy journal - and best is to see a variety of instruments. Thanks for it!

A discretionary trader on the search of a worthy setup has to go in the long run semi-automated:
If you can define your setup properly then you might be programming for when that next
signal occurs. Including to send such alert to your phone. That means less stress,
less hours in front of screens and being ready to take a trade opportunity instantly.
No missed trades by then.

Have great trades
GFIs1

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