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- Entered a long position in the NASDAQ ETF QQQ
- Rolled my long position in the Euro from March to June
- Rolled my long position in the Yen from March to June
Below are comments on my open positions.
M6E – Euro
Trade: Long 3 contracts of June Micro Euro
Entry Price: $1.1465
Stop: $1.1465
Weekly Comment: The Euro was higher early in the week but fell back to finish the week slightly lower and close below the 50 SMA.
NK225M – Mini Nikkei
Trade: Long 1 contract of the June Mini Nikkei
Entry Price: 18,984
Stop: 18,984
Weekly Comment: The Nikkei drifted lower this week but remains above the 200 SMA.
ZN – US 10 Year Note
Trade: Short 1 contract of June 10 Year Note
Entry Price: 124 12/32
Stop: 124 12/32
Weekly Comment: The Notes were higher this week but struggled again to close above the December 16 lows. The sideways price action over the last month has allowed the 50 SMA to catch up and is only slightly above the price now.
MJY – Yen
Trade: Long 2 contracts of June Micro Yen
Entry Price: 0.009212
Stop: 0.009212
Weekly Comment: The Yen continued to hold the 20 SMA early in the week before rising to finish the week slightly higher.
XW – Mini Wheat
Trade: Long 3 contracts of May Mini Wheat
Entry Price: $4.90
Stop: $4.7450
Weekly Comment: Wheat traded down to the 200 SMA early in the week and held this level until Thursday with a close slightly below. Prices continued lower on Friday triggering my stop which I plan to action on Monday.
QQQ – NASDAQ ETF
Trade: Long 25 shares of QQQ
Entry Price: $173.86
Stop: $166.75
Reasons for entering the trade:
Technical: Prices broke out to a new all time high after a sharp correction.
Weekly Comment: The NASDAQ ETF gapped higher to start the week and I entered on the open. Prices didn’t continue higher for the remainder trading back down but holding above last weeks close in the ETF. Prices in the futures contract finished just below last weeks close.
Below are comments on the opportunities I am watching.
NG – Natural Gas
Natural Gas poked its head above the 200 SMA again this week but not by enough to trigger an entry before trading back down below this level and finishing the week below the 50 SMA.
Canadian Bankers Acceptance
Short term Canadian rates have been trading higher and are getting close to the falling 200 SMA. I may look at entering a short position if prices trade up to this level.
SIU – Indian Rupee
The Rupee is sitting just above a flattening 200 SMA after a strong uptrend. If prices trade down through this level I may look at entering a short position.
- Stopped out of a long position in the NASDAQ ETF QQQ
- Exited the other half of my long position in the Nikkei
Below are comments on my open positions.
M6E – Euro
Trade: Long 3 contracts of June Micro Euro
Entry Price: $1.1465
Stop: $1.1465
Weekly Comment: The Euro was lower early in the week but again held the early Feb lows before moving higher to finish the week back above the 50 SMA.
NK225M – Mini Nikkei
Trade: Long 1 contract of the June Mini Nikkei
Entry Price: 18,984
Exit Price: 20,350
Result: +3.27R
Weekly Comment: The Nikkei traded down through the 200 SMA on Friday and I exited the last half of my position at the close. I may look at taking a short position if prices trade back up near the 200 SMA.
ZN – US 10 Year Note
Trade: Short 1 contract of June 10 Year Note
Entry Price: 124 12/32
Stop: 124 12/32
Weekly Comment: The Notes were lower early in the week anticipating a more hawkish tone from the Feb before rallying strongly on Thursday as the market considered the impact of a trade war. I may look to exit the position next week if there is a strong close above the 50 SMA.
MJY – Yen
Trade: Long 2 contracts of June Micro Yen
Entry Price: 0.009212
Stop: 0.009212
Weekly Comment: The Yen rallied strongly late in the week making new highs for the move.
XW – Mini Wheat
Trade: Long 3 contracts of May Mini Wheat
Entry Price: $4.90
Stop: $4.7450
Weekly Comment: Wheat gapped lower to start the week. I added an exit order at the top of the gap hoping it would be filled. Prices were stable in the middle of the week before reversing to the upside on Friday but not high to close the gap yet.
QQQ – NASDAQ ETF
Trade: Long 25 shares of QQQ
Entry Price: $173.86
Exit Price: $166.75
Result: -1R
Weekly Comment: The NASDAQ ETF gapped lower to start the week triggering my stop and continued lower falling sharply on Thursday and Friday to finish the week below the 100 SMA.
Below are comments on the opportunities I am watching.
Iron Ore
Iron Ore was sharply lower on Friday closing just below the 200 SMA but not by enough to trigger an entry. If prices continue lower I may look at entering a short position.
HG – Copper
Copper closed below the 200 SMA for the first time since October 2016 this week. The 200 SMA is still rising so I’m not looking at a short position at this stage.
Canadian Bankers Acceptance
Short term Canadian rates didn’t move any higher this week to intersect with the 200 SMA instead falling sharply to finish the week back below the 50 SMA.
SIR – Indian Rupee
The Rupee tested the 200 SMA early in the week and held before moving higher to finish the week only slightly lower.
CAC 40
The French stock market index continued below the 200 SMA this week. The 50 SMA is about to cross the 200 SMA and I may look at taking at short position if prices rally up towards this intersection.
MIB
The Italian stock market index was lower this week but held the 200 SMA on Friday. If prices break this level I may look at taking a short position.
China A50 (SGX)
The index of China’s top 50 A shares was sharply lower this week closing just below the 200 SMA on Friday. If prices continue lower I may look at taking a short position.
Trade: Long 3 contracts of June Micro Euro
Entry Price: $1.1465
Stop: $1.1465
Weekly Comment: The Euro tested the low end of the range again this week and held. The rising 100 SMA has now caught up and may provide further support.
ZN – US 10 Year Note
Trade: Short 1 contract of June 10 Year Note
Entry Price: 124 12/32
Stop: 124 12/32
Weekly Comment: The Notes were lower during the week trading back down to the 20 SMA before rising on Friday to finish the week only slightly lower.
MJY – Yen
Trade: Long 2 contracts of June Micro Yen
Entry Price: 0.009212
Stop: 0.009212
Weekly Comment: The Yen was lower again this week but held above the recent lows.
XW – Mini Wheat
Trade: Long 3 contracts of May Mini Wheat
Entry Price: $4.90
Exit Price: $4.56
Result: -2.R
Weekly Comment: Wheat gapped higher to start the week triggering an exit order which must have been an incorrect order at 4.56 rather than 4.66. Wheat continued higher for the remainder of the week trading back up to the 50 SMA. If prices break back above the 200 SMA I may look at taking another long position.
XINA50 – China A50 (SGX)
Trade: Short 1 contract o f April China A50 Index
Entry Price: 12,725
Stop: 13,100
Weekly Comment: The China A50 index traded back to the recent lows again this week and bounced from this level but remains below the 200 SMA which is in the process of turning over.
Below are comments on the opportunities I am watching.
ZC – Corn
Corn was sharply higher last week after a bullish prospective plantings report re-completing the break above the 200 SMA. Trading in Corn was volatile this week with threats of tariffs on Soybeans impacting the grain complex but Corn held above the 200 SMA. The 50 SMA is crossing through the 200 SMA and I may look at taking a long position near this intersection.
HG – Copper
Copper traded around the 200 SMA all week finishing the week practically unchanged. The chart could be in the early stages of a trend reversal.
NG – Natural Gas
Natural Gas is trading in a tight range just below the 200 SMA. If we some impulsive price action above the 200 SMA I may look at taking a long position.
Canadian Bankers Acceptance
Short term Canadian rates were higher this week finishing right at the 200 SMA on Friday.
GE- Eurodollar
The Eurodollar market was higher this week intersecting with the 50 SMA for the first time since it crossed below the 200 SMA and may represent a good area to take a short position.
CAC 40
The French stock market index trading back above the 200 SMA on Thursday but quickly fell back below this level on Friday. I continue to monitor this market for an opportunity on the short side.
Trade: Long 3 contracts of June Micro Euro
Entry Price: $1.1465
Stop: $1.1465
Weekly Comment: The Euro was higher this week but couldn’t surpass the 50 SMA.
ZN – US 10 Year Note
Trade: Short 1 contract of June 10 Year Note
Entry Price: 124 12/32
Stop: 124 12/32
Weekly Comment: The Notes were lower this week trading back down to the 50 SMA.
MJY – Yen
Trade: Long 2 contracts of June Micro Yen
Entry Price: 0.009212
Stop: 0.009212
Weekly Comment: The Yen was lower this week trading down through the recent lows on Friday but recovered to finish the day above the lows.
XW – Mini Wheat
Trade: Long 2 contracts of July Mini Wheat
Entry Price: $5.01
Stop: $4.84
Weekly Comment: Wheat gapped higher to start the week reclaiming the ground above the 200 SMA. I had an order below the market on Tuesday which was filled. Prices continued lower for the remainder of the week breaking the 200 SMA on Friday but holding above the rising the 50 SMA.
XINA50 – China A50 (SGX)
Trade: Short 1 contract o f April China A50 Index
Entry Price: 12,725
Stop: 13,100
Weekly Comment: The China A50 index traded back up to the 200 SMA early in the week before turning lower to finish the week practically unchanged.
Below are comments on the opportunities I am watching.
ZC – Corn
Corn was slightly lower this week. The 50 SMA has crossed up through the 200 SMA and I may look at taking a long position if prices retrace back down near the 50 SMA.
HG – Copper
Copper traded back above the 200 SMA early in the week but couldn’t surpass the 50 SMA before trading lower and finishing the week back below the 200 SMA.
NG – Natural Gas
Natural Gas finished the week strongly but remains below the 200 SMA. If prices surpass this level I may look at taking a long position.
6C – Canadian Dollar
The Loonie traded back above the 200 SMA this week. If prices can break this level with a close above the 0.80 level I may look at reinstating my long position.
6R – Russian Ruble
The Ruble collapsed this week trading sharply down through the 200 SMA. I have been watching the 200 SMA starting to roll over in this market for some time but I was a day late noticing this move and by then it was well and truly outside my risk tolerance parameters.
Trade: Long 3 contracts of June Micro Euro
Entry Price: $1.1465
Stop: $1.1465
Weekly Comment: The Euro finished the week lower testing the 100 SMA on Friday.
ZN – US 10 Year Note
Trade: Short 1 contract of June 10 Year Note
Entry Price: 124 12/32
Stop: 124 12/32
Weekly Comment: The Notes were sharply lower this week making a new weekly closing low.
MJY – Yen
Trade: Long 2 contracts of June Micro Yen
Entry Price: 0.009212
Stop: 0.009212
Weekly Comment: The Yen closed just below the bottom of the range on Friday. If we see further weakness on Monday I plan on exiting the position.
XW – Mini Wheat
Trade: Long 2 contracts of July Mini Wheat
Entry Price: $5.01
Exit Price: $4.795
Result: -1.3R
Weekly Comment: Wheat gapped lower to start the week stopping me out of my long position. Prices rallied back up to the 200 SMA in the middle of the week but quickly fell back from this level.
XINA50 – China A50 (SGX)
Trade: Short 1 contract o f April China A50 Index
Entry Price: 12,725
Stop: 13,100
Weekly Comment: The China A50 index was lower this week making a new weekly closing low for the move.
Below are comments on the opportunities I am watching.
ZC – Corn
Corn pulled back to the 200 SMA on Friday. I haven’t been in sync with the grain markets at all this year and I’m reluctant to take any more trades in this sector.
HG – Copper
Copper recaptured the 200 SMA this week but continued to find resistance around the 100 SMA.
SI – Silver
Silver had a strong breakout above the 200 SMA on Wednesday. With a large spec short position and a lack of movement in the other precious metals I was concerned this was merely a short covering rally rather than a breakout.
NG – Natural Gas
Natural Gas continues to hover just below the 200 SMA. If prices surpass this level I may look at taking a long position.
6C – Canadian Dollar
The Loonie couldn’t close above the 80 level this week falling sharply to close well back below the 200 SMA.
