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- Rolled my short position in the China A50 index from April to May
- Added to my long position in the Euro
Below are comments on my open positions.
M6E – Euro
Trade: Long 5 contracts of June Micro Euro
1st Entry Price: $1.1465
2nd Entry Price: $1.2158
Stop: $1.2045
Weekly Comment: The Euro traded down to the 200 SMA on Thursday where I added to my long position. Prices dipped below the 200 SMA on Friday before reversing to finish the day back 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 made new lows early in the week before turning around to finish the week practically unchanged.
MJY – Yen
Trade: Long 2 contracts of June Micro Yen
Entry Price: 0.009212
Stop: 0.009212
Weekly Comment: The Yen fell sharply on Monday down to the 100 SMA. With prices so close to the 200 SMA and my break even point I decided to stick with the position. Prices tested the 200 SMA late in the week and held.
XINA50 – China A50 (SGX)
Trade: Short 1 contract of May China A50 Index
Entry Price: 12,725
Stop: 13,100
Weekly Comment: The China A50 index was strong early in the week before turning lower and trading back down towards the recent lows.
Below are comments on the opportunities I am watching.
ZC – Corn
Corn bounced from the 200 SMA this week trading back up towards the recent highs.
HG – Copper
Copper continued to hold above the 200 SMA till Friday where it fell back below this level. The Copper chart still looks like it is in the process of turning over.
SI – Silver
Silver traded sharply lower Monday falling back below the 200 SMA.
GC – Gold
Gold was lower this week trading down to the rising 200 SMA which may be a good area to take a long position.
NG – Natural Gas
Natural Gas popped above the 200 SMA on Thursday but quickly fell back below this level on Friday.
- Exited my long position in the Euro
- Exited my long position in the Yen
- Entered a short position in Gold
Below are comments on my open positions.
M6E – Euro
Trade: Long 5 contracts of June Micro Euro
1st Entry Price: $1.1465
2nd Entry Price: $1.2158
Exit Price: $1.2045
1st Result: 3.3R
2nd Result: -1R
Weekly Comment: The Euro traded down through the 1.21 level on Tuesday triggering my exit and continued lower for the week breaking the 1.20 level on Friday. The 200 SMA is flattening and I’ll be monitoring for any rallies back up towards this level for a possible short position. This trade set a new record for longest held trade at close to 11 months.
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 trading up to the 20 SMA on Friday but finishing the week with an indecisive candle.
MJY – Yen
Trade: Long 2 contracts of June Micro Yen
Entry Price: 0.009212
Exit Price: 0.009148
Result: -0.4R
Weekly Comment: The Yen decisively broke the 200 SMA on Tuesday triggering my exit before turning higher later in the week and finishing just back above the 200 SMA.
XINA50 – China A50 (SGX)
Trade: Short 1 contract of May China A50 Index
Entry Price: 12,725
Stop: 13,100
Weekly Comment: The China A50 index drifted lower this week but was unable to make new lows.
MGC – Micro Gold
Trade: Short 1 contract of June Micro Gold
Entry Price: $1,310
Stop: $1,327
Reasons for entering the trade:
Technical: Prices broke below the 200 SMA.
Weekly Comment: Gold broke below the 200 SMA for the first time since December 2016 on Tuesday. I entered an order back towards the 200 SMA which was filled on Wednesday. Prices tested the underside of the 200 SMA for the remainder of the week but were unable to close above it.
Below are comments on the opportunities I am watching.
ZC – Corn
Corn broke out above the recent highs on Tuesday. I had an order near the midpoint of Tuesday’s candles but prices just didn’t trade low enough on Thursday to trigger it before turning higher and making further highs.
D – Robusta Coffee
Robusta was sharply higher on Tuesday breaking out of the recent range. If prices continue higher and surpass the 200 SMA I may look at taking a long position.
NG – Natural Gas
Natural Gas continued to trade in a tight range just below the 200 SMA all week.
Trade: Short 1 contract of June 10 Year Note
Entry Price: 124 12/32
Stop: 124 12/32
Weekly Comment: The Notes traded lower this week finding resistance at the falling 20 SMA again.
XINA50 – China A50 (SGX)
Trade: Short 1 contract of May China A50 Index
Entry Price: 12,725
Stop: 13,100
Weekly Comment: The China A50 index was higher this week trading up towards the falling 50 SMA. If prices surpass this level I may look to exit the position.
MGC – Micro Gold
Trade: Short 1 contract of June Micro Gold
Entry Price: $1,310
Exit Price: $1,317.50
Result: -0.44R
Weekly Comment: Gold continued to test the underside of the 200 SMA early in the week before breaking through on Thursday with a bullish full bodied candle. I exited the position on Friday near the close back at the 200 SMA.
Below are comments on the opportunities I am watching.
6E – Euro
The Euro continued lower at the start of the week before turning around on Thursday and Friday to finish the week only slightly lower.
6J – Yen
The Yen traded back down below the 200 SMA on Wednesday before rallying back up to this level on Friday. With the 200 SMA now flat I have no interest in this market.
ZC – Corn
Corn tested support early in the week and held before making new highs on Thursday after the WASDE but finished the day unchanged. Prices fell on Friday trading back down through support to the 20 SMA. I’m holding out to see if it trades down further towards the 50 SMA before contemplating a long position.
D – Robusta Coffee
Robusta was lower this week falling back down into the range.
NG – Natural Gas
Natural Gas pushed back up through the 200 SMA on Thursday and held above this level on Friday. Prices haven’t surpassed the 200 SMA by enough to contemplate a long position yet.
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 on Tuesday making new lows for the move as yields moved through the 3% level. Prices were strong on Friday undoing some of the downfall this week.
XINA50 – China A50 (SGX)
Trade: Short 1 contract of May China A50 Index
Entry Price: 12,725
Stop: 13,100
Weekly Comment: The China A50 index poked its head above the 50 SMA on Monday but couldn’t surpass this level trading lower through the middle of the week before rallying on Friday to close back near the 50 SMA.
QG – Mini Natural Gas
Trade: Long 2 contracts of June Mini Natural Gas
Entry Price: $2.82
Stop: $2.745
Reasons for entering the trade:
Technical: prices surpassed the 200 SMA after a long downtrend.
Weekly Comment: Natural Gas was higher on Monday confirming the break above the 200 SMA. I entered an order below the market which was triggered on Wednesday before prices rallied again on Thursday.
Below are comments on the opportunities I am watching.
ZC – Corn
Corn was lower in the middle of the week but didn’t get low enough to intersect with the 50 SMA before rallying strongly on Friday to finish the week higher.
ZS – Soybean
New crop Soybeans were lower this week trading down to the 200 SMA which is starting to roll over. If prices break this level I may look at entering a short position.
CC – Cocoa
Cocoa was lower this week trading back to the 50 SMA for the first time since prices broke out above the 200 SMA and may offer a good opportunity here to enter the trend.
GC – Gold
Gold crashed back down through the 200 SMA on Tuesday and it appears that my decision to exit the trade early last week was the wrong one.
6E – Euro
The Euro continued its weakness this week and all moving averages are now pointing down. I’m looking for any countertrend rallies to enter a short position.
It's been a few weeks since my last update. I've been away from the markets as we welcomed a new addition to the family in early June.
Still holding the same three open positions since my last update.
ZN – US 10 Year Note
Trade: Short 1 contract of September 10 Year Note
Entry Price: 125 15/32
Stop: 125 15/32
Weekly Comment: The Notes continue to move sideways. The market is trading above the short and medium term averages but remains below the long term average.
XINA50 – China A50 (SGX)
Trade: Short 1 contract of July China A50 Index
Entry Price: 12,575
Stop: 12,575
Weekly Comment: The China A50 index continues to break down making new lows again this week.
QG – Mini Natural Gas
Trade: Long 2 contracts of August Mini Natural Gas
Entry Price: $2.84
Stop: $2.84
Weekly Comment: Natural Gas continues to trade in a tight range between 2.90 and 3 but remains above all the moving averages.
I have one new position since my last update.
CC - Cocoa
Trade: Long 1 contract of September Cocoa
Entry Price: $2,330
Stop: $2,299
Weekly Comment: I entered a long position in Cocoa on the re-test of the 200 SMA in early June. Prices tested the 200 SMA again this week and it continues to hold.
