I decided to take a small long position in gold. Stop is at 1750 with a 1950 target. I rarely trade channel break outs but it seems that gold has put in a bottom.
On the weekly chart, I think it is putting in a continuation rectangle.
Additionally, gold usually puts in a bottom in July/August months.
The Yen appears to be making what I call the abbreviated head and shoulder failure pattern. I will be looking to go short with a close below .007370 level.
I am very temped to short the SP500 contract here. The stop would be placed at yesterdays high. This doesn’t really fit any pattern for me but it feels like markets might roll over here. This would be a very very small short position. If it closes green today, I will let this trade go. If it closes red I maybe tempted to short it.
The December contract of WTI appears to be making a continuation rectangle. I will be looking to go short with a close below 84.5. This would also be a closing price below the 200 DMA.
My stops are moved to break even for copper.
I closed out both positions for a small loss. These markets were not acting right.
I am long with a stop at 3.55 and a target of 4. This is a small H&S reversal pattern and not something I would typically trade. However, I have a feeling the metals put in an intermediate bottom.
I got stopped out of heating oil for a small gain. I may consider selling short again if I see a bearish candle.
I got stopped out of Lowes for a loss. It feels as though with US stocks I can not even buy a winning trade. I have been keeping my risk very small on US stocks until I am out of this losing streak.
The June 2023 contract completed a failed head and shoulder pattern. I am short with a stop at 96.49 and a target of 94.5.
Lowes completed a head and shoulder bottom today. I am long with a stop at 196.5 and a target of 231.
I am still short WTI crude and heating oil.
| STOCKS | ||||||
| Symbol | Position | Date Position Opened |
Price Position Opened |
Week Closing Price |
Percent Change |
|
| Total Open Profit/Loss Stocks | ||||||
| FUTURES | ||||||
| Symbol | Position | Date Position Opened |
Price Position Opened |
Week Closing Price |
Percent Change |
|
| CL | Short | 8/3/22 | 90.6 | 87.74 | 3.16% | |
| HO | Short | 8/4/22 | 3.32 | 3.2026 | 3.54% | |
| Total Open Profit/Loss Futures | 6.7% | |||||