Category: Trades

On the weekly chart it looks to be testing the lower bound of its channel.

The daily chart shows it broke out of its trading range and it wants to test $1240.

With the dollar soaring, it looks like it will test the $1240. I am undecided at the moment if I want to trade this market on the short side.

Closed out the long crude oil position at $71.53. See here. My target was $72.00. With an entry trade of 66.7 and an exit at 71.53 that leaves me with $4,830 profit per contract. I can live with that.

The NASDAQ took out the right shoulder.

Went long at 6958.75. Stop was placed at 6808. NASDAQ is targeting 8000.
For the record, the Russell 2000 broke out of its symmetrical triangle.

Nasdaq appears to have broken the H&S top formation. A close above the right shoulder at 6870 would be bullish, and indicate it will challenge its all time high.

The Russel 2000 appears to be making a large symmetrical triangle. These are continuation patterns. I will probably not take this trade since I am not a fan of symmetrical triangles.

A  couple of weeks ago I commented on the pounds potential cup and handle. It never completed the pattern. It hit resistance and made a 180. Now it looks set to complete a double top.

Went short at 1.3638. Stop is placed at 1.38. Target is 1.32

The New Zealand Dollar has completed its pattern. Following the break down as discussed here, it has reached its target.

My only regret with this trade was I missed the initial break down. Other things in life made me miss a few ticks in profit.

Platinum has been in a broad trading range since late 2016. I will be looking to take a trade if it breaks out in either direction.

From a fundamental perspective, I believe it will bounce off the bottom of the rectangle.
Sugar has long term support at 10 cents. I will be looking to go long as it approaches 10 cents. Although this would be a violation of plan since it has not formed any pattern, I think sugar at 10 cents is absurdly cheap. I will not be able to resist.

The New Zealand Dollar has broken down from its support as discussed here. Stop is at .72. Target is .70.

Natural Gas position has been closed at a profit.
The Japanese Yen position has been closed. The trade failed to materialize.