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- Exited my long position in Corn
- Exited my long position in the Pound
Below are my comments on my open positions and closed trades.
M6E Euro
Trade: Long 3 contracts of September Micro Euro
Entry Price: 1.131
Stop: 1.131 risking $0
Weekly Comment: The Euro attempted to push lower this week but was well supported on each occasion posting a number of candles with lower shadows.
SIL Silver (1,000)
Trade: Short 1 contracts of September Silver (1,000)
Entry Price: 16.35
Stop: 16.35 Risking $0
Weekly Comment: Silver pushed lower early in the week before quickly bouncing back but was unable to surpass the 200 SMA.
ZC Corn
Trade: Long 1 contract of December Corn
Entry Price: $4.035
Exit Price: $3.6725
Result: -2.4R
Weekly Comment: Corn made news on Tuesday and I exited the position. This was an unusual trade for me. It was more of a positional play than a trade as I believed there was the possibility of very strong gains in the corn market. The two biggest issues with treating this trade as a positional play rather than a trade were position size and entry timing. The position size was too large for a positional play leading to outsized losses. Sizing the trade using the mini contract would have offered much more flexibility to stick with the trade longer and avoid outsized losses. The trade entry on a break out was also a poor choice for a positional play when there was a clear range. An entry nearer to the bottom of the range would also have offered much more flexibility to stick with the trade and reduced the chances of outsized losses.
MCD Canadian Dollar
Trade: Long 3 contracts of Micro Canadian Dollar
Entry Price: $0.7592
Stop: $0.7592 risking $0
Weekly Comment: The Loonie was lower early in the week before bouncing strongly on Wednesday and continuing higher on Friday after strong inflation data. If prices surpass the 61.8% retracement of the recent range I may look to add to the position.
FGBS German Schatz
Trade: Short 3 contract of September Schatz Average Entry Price: 111.97
Stop: 112.08 risking $340
Weekly Comment: The Schatz was sideways this week. I was tempted to exit the position on Friday but the weakness to finish the week was just enough for me to stick with the position for one more week.
M6B British Pound
Trade: Long 2 contracts of September Micro British Pound
Entry Price: $1.3060
Exit Price: $1.2857
Result: -0.77R
Weekly Comment: The Pound was lower again on Tuesday after the weak inflation data breaking the recent lows so I exited the position. Prices traded sideways in a small range for the rest of the week. If prices pull back towards the 1.27 level where the 200 SMA sits I may look at taking one more shot at this trade.
JJN Nickel
Trade: Long 295 Share of JJN Nickel ETF
Entry Price: $12.20
Stop: $11.86 risking $100
Weekly Comment: Nickel was lower early in the week before bouncing strongly to finish the week making a new high close for the move.
Can you help answer these questions from other members on NexusFi?
Below are comments on the opportunities I am watching.
RC Robusta Coffee
Robusta found resistance again at the 200 SMA this week trading back down below the 50 SMA before rallying strongly on Friday to close back above the 50 SMA. The 200 SMA is now turning lower and I MAy look at entering a short position if prices head back towards the 200 SMA again.
CT Cotton
Cotton broke through the 61.8% retracement level early in the week but there was no impulsiveness to get me interested in the trade yet.
CC Cocoa
Cocoa continued lower down through the 50 SMA early in the week before finding some support later in the week and comes off the watch list for now.
PL - Platinum
Platinum was lower early in the week but found support at the 200 SMA and bounced to finish the week only slightly lower.
TSX 60 Canada
The Canadian stock market continued lower this week and looks as though it may have now broken the 200 SMA. I may look at entering a short position on any strength.
DAX Germany
The German stock market continued its bounce from the 200 SMA this week before dipping later in the week to finish only slightly higher. If prices come back to re-test the 200 SMA again I may look at entering a long position.
Nikkei - Japan
The Japanese stock market continued lower early in the week before finding support and bouncing to finish the week only slightly lower. If prices continue lower down to the 200 SMA I may look at entering a long position.
Trade: Long 3 contracts of September Micro Euro
Entry Price: 1.131
Stop: 1.131 risking $0
Weekly Comment: The Euro was contained below the 61.8% retracement level for most of the week before breaking higher on Friday to post new highs for the move.
SIL – Silver (1,000)
Trade: Short 1 contracts of September Silver (1,000)
Entry Price: 16.35
Stop: 16.35 Risking $0
Weekly Comment: Silver held below the 200 SMA again this week but continued to find support on any attempt to move lower with a number of candles with lower shadows. It is time to roll the contract this week and I’m currently in two minds as to whether to roll or exit the position entirely.
MCD – Canadian Dollar
Trade: Long 3 contracts of Micro Canadian Dollar
Entry Price: $0.7592
Stop: $0.7592 risking $0
Weekly Comment: The Loonie struggled to surpass the 61.8% retracement level early in the week before breaking through later in the week providing evidence the uptrend may have resumed.
FGBS – German Schatz
Trade: Short 3 contract of September Schatz Average Entry Price: 111.97
Stop: 112.08 risking $340
Weekly Comment: The Schatz pushed higher early in the week back up to the recent highs but struggled to surpass this level. I attempted to exit this position a number of times this week but my orders below the market were not filled. I will continue to attempt to exit this position again next week.
JJN – Nickel
Trade: Long 295 Share of JJN Nickel ETF
Entry Price: $12.20
Stop: $11.86 risking $100
Weekly Comment: Nickel continued higher early in the week surpassing the recent highs but finished the week on a poor note with a bearish candle.
- Exited my short position in Silver
- Entered a long position in Silver
- Exited my short position in the Schatz
- Added to my long position in the Canadian Dollar
Below are my comments on my open positions and closed trades.
M6E – Euro
Trade: Long 3 contracts of September Micro Euro
Entry Price: 1.131
Stop: 1.131 risking $0
Weekly Comment: The Euro raced higher early in the week before putting in a reversal pattern on Tuesday and Wednesday. Prices attempted to negate the reversal on Friday but were unable to do so. I’m looking to add to the position near the 50 SMA.
SIL – Silver (1,000)
Trade: Short 1 contracts of September Silver (1,000)
Entry Price: 16.35
Exit Price: 17.50
Result: -1.45R
Weekly Comment: Silver broke through the 200 SMA with impulsiveness on Monday. I exited my short position in the September contract and took a long position in the December contract at 17.60. Prices continued higher to finish the week back near the June highs.
MCD – Canadian Dollar
Trade: Long 5 contracts of September Micro Canadian Dollar Average Entry Price: $0.7745
Stop: $0.7817 risking $316
Weekly Comment: The Loonie pulled back to the 61.8% retracement level early in the week and I added to the position. Prices initially dipped back below the 61.8% retracement level before rallying strongly to finish the week posting a new closing high for the move and surpassing the highs from May 2016.
FGBS – German Schatz
Trade: Short 3 contract of September Schatz
Average Entry Price: 111.97
Exit Price: 112.27
Result -1.64R
Weekly Comment: The Schatz continued higher through the June highs on Monday and I exited the position.
JJN – Nickel
Trade: Long 295 Share of JJN Nickel ETF
Entry Price: $12.20
Stop: $11.86 risking $100
Weekly Comment: Nickel opened the week lower before rallying to finish the week at new highs for the move just below the November 2016 highs.
Below are comments on the opportunities I am watching.
CC - Cocoa
Cocoa attempted to move higher early in the week but fell back later in the week to finish only slightly higher. The 200 SMA is beginning to flatten and if prices can surpass this level I may look at entering a long position.
HE Lean Hogs
Lean Hogs traded down through the 200 SMA this week. The chart set up is very similar to last year which led to a large fall. If prices re-test the 200 SMA I may look at entering a short position.
6N New Zealand Dollar
The Kiwi was lower this week and is now close to breaking down through the 200 SMA again. If prices break this level I may look at entering a short position.
DAX Germany
The German stock market traded down through the 200 SMA early in the week but recovered to finish the week back above this level. I was close to entering a long position on Thursday but it required most of my available margin and would have left my account with very little buffer so I didnt take the opportunity.
Nikkei - Japan
The Japanese stock market traded down to test the 200 SMA early in the week and held this level. I had an order just above the 200 SMA that didnt get filled.
Trade: Long 3 contracts of September Micro Euro
Entry Price: 1.131
Stop: 1.131
Weekly Comment: The Euro bounced back this week making new highs for the move but found resistance again around the 1.21 level posting a candle with an upper shadow on Friday.
SIL Silver (1,000)
Trade: Long 1 contract of December Silver (1,000)
Entry Price: 17.60
Stop: 16.85
Weekly Comment: Silver continued higher this week surpassing the June highs but finished the week with negative price action.
MCD Canadian Dollar
Trade: Long 5 contracts of September Micro Canadian Dollar Average Entry Price: $0.7745
Stop: $0.7817
Weekly Comment: The Loonie continued its strong upside momentum this week after the BOC increased rates again but finished the week with an indecisive candle.
JJN Nickel
Trade: Long 295 Share of JJN Nickel ETF
Entry Price: $12.20
Stop: $12.20
Weekly Comment: Nickel closed above the November 2016 highs this week but finished the week with a very negative candle pulling back towards the 20 SMA.
NK225M - Mini Nikkei
Trade: Long 2 contracts of December Mini Nikkei
Entry Price: 19,220
Stop: 18,890
Reasons for entering the trade:
Technical: Prices intersected with the 200 SMA for the first time since the recent uptrend began.
Fundamental: Uncertainty around North Korea has weighted on Japan leading to what I believe will be a temporary corrective phase in the uptrend.
Reasons for Stop Placement: More than 1% below the 200 SMA and below the recent lows.
Weekly Comment: The Nikkei pulled back to the 200 SMA again this week triggering my order and held above this level for the remainder of the week.
Below are comments on the opportunities I am watching.
CC - Cocoa
Cocoa traded in a tight range this week and the 200 SMA continued to flatten. If prices surpass the 200 SMA I may look at entering a long position.
OJ Orange Juice
Orange Juice surged higher this week as the approaching hurricane looks to impact Florida. Prices finished the week right at the 200 SMA. There could be a good long or short trade around this level depending on the impact of the hurricane on the crops.
HE Lean Hogs
Lean Hogs traded back up to the 200 SMA on Tuesday but quickly fell back from this level. I contemplated entering a short position at the 200 SMA but this set up is not of the highest quality so I passed on the trade.
6N New Zealand Dollar
The Kiwi was higher this week but ran into resistance at the 50 SMA. If prices trade down through the 200 SMA I may look at entering a short position.
DAX Germany
The German stock market bounced nicely from the 200 SMA this week regaining the ground above the 50 SMA. It was tough to let this opportunity go but it was the right decision as taking the trade would have pushed my margin to equity ratio from 60% to 90% which it too high.
- Rolled my position in the Micro Euro
- Rolled my position in the Micro Canadian Dollar
Below are my comments on my open positions.
M6E Euro
Trade: Long 3 contracts of December Micro Euro
Entry Price: 1.131
Stop: 1.131
Weekly Comment: The Euro was lower early in the week but was well supported again at the 1.19 level.
SIL Silver (1,000)
Trade: Long 1 contract of December Silver (1,000)
Entry Price: 17.60
Stop: 16.85
Weekly Comment: Silver was lower this week trading back down to the 20 SMA. If prices do not bounce from this level next week Ill be looking to exit the trade around scratch.
MCD Canadian Dollar
Trade: Long 5 contracts of December Micro Canadian Dollar Average Entry Price: $0.7745
Stop: $0.7817
Weekly Comment: The Loonie was lower early in the week and then traded sideways for the remainder of the week posting a number of indecisive candles.
JJN Nickel
Trade: Long 295 Share of JJN Nickel ETF
Entry Price: $12.20
Stop: $12.20
Weekly Comment: Nickel continued lower this week trading back down to the 61.8% retracement of the recent range. The 50 SMA is just below here and if this level fails Ill move on from this trade.
NK225M Mini Nikkei
Trade: Long 2 contracts of December Mini Nikkei
Entry Price: 19,220
Stop: 18,890
Weekly Comment: The Nikkei bounced strongly this week closing back above the 50 SMA and the 61.8% retracement of the recent range.
Below are comments on the opportunities I am watching.
CC - Cocoa
Cocoa continued higher this week but remains below the 200 SMA. If prices surpass the 200 SMA I may look at entering a long position.
OJ Orange Juice
Orange Juice traded above and below the 200 SMA this week as the market attempts to price in crop damage from the hurricane.
CT Cotton
Cotton broke back down through the 200 SMA with impulsiveness. I have an order back at the midpoint of Tuesdays candle which has not yet been triggered.
KC Coffee
Coffee rallied strongly this week trading back up towards the 200 SMA. If prices can surpass the 200 SMA I might look at entering a long position.
CL Crude Oil
Crude rallied strongly this week trading back up towards the 200 SMA. If prices can surpass the 200 SMA I might look at entering a long position.
6N New Zealand Dollar
The Kiwi continued to find resistance at the 50 SMA. The election this week may provide the catalyst for the next move.
- Exited my long position in Silver
- Exited my long position in the Nickel ETF
Below are my comments on my open positions and closed trades.
M6E Euro
Trade: Long 3 contracts of December Micro Euro
Entry Price: 1.131
Stop: 1.131
Weekly Comment: The Euro pushed higher again early in the week before falling sharply after the FOMC announcement but recovered a large portion of the loss before the end of the week closing just below the 1.20 level.
SIL Silver (1,000)
Trade: Long 1 contract of December Silver (1,000)
Entry Price: 17.60
Exit Price: 17.07
Result: -0.70R
Weekly Comment: Silver was sharply lower on Monday trading back down below the 200 SMA so I exited the position. Silver continued lower later in the week finishing the week below the 50 SMA.
MCD Canadian Dollar
Trade: Long 5 contracts of December Micro Canadian Dollar Average Entry Price: $0.7745
Stop: $0.7817
Weekly Comment: The Loonie continued lower this week but held above the recent highs.
JJN Nickel
Trade: Long 295 Share of JJN Nickel ETF
Entry Price: $12.20
Exit Price: $12.75
Result: 1.62R
Weekly Comment: Nickel pushed back above the Feb highs early in the week but then collapsed on Thursday falling 6% and closing below the 50 SMA so I exited the position.
NK225M Mini Nikkei
Trade: Long 2 contracts of December Mini Nikkei
Entry Price: 19,220
Stop: 18,890
Weekly Comment: The Nikkei continued higher this week rising sharply higher on Tuesday on talk of a snap election and finished the week at new highs for the move.
