Copper Short

Late to post. Copper short finally fired off at 5:05 a.m.

Had marked the entry 2.869:

Entry short 2.869
Risk 2.947. $1950/lot
Target 2.724. $3625/lot

Position Updates.

Sadly, the beans trade was profitable, but management towards target missed by only ONE tick!!! That is trading, folks.

Net result: Breakeven.

Wheat, also a breakeven result, but did show a possible short entry. Again, failure to act on that against an existing long position was a mistake. Several methods could have been used: short a longer dated future contract; short a call spread (or buy a put spread); or buy puts.

Net result: Breakeven. No options, no other futures trade short.

Nat Gas continues to chug ahead. BUT...

Some developing RSI divergence could be pointing to a reversal. Stop raised to 2.05. A possible hedge here is to take a bearish options play, either buying puts or a bearish options spread (selling call spread or buying a put spread - for defined risk/reward.) Nothing jumped out upon analysis yesterday afternoon, so will await EIA data today to determine if a hedge is a better idea.

Swissie (6S futures), continues to remain strong.

BUT, like many assets that have rallied strong recently, there is a developing RSI divergence here. There are no options on these futures, and dated futures contracts are too thin for a hedge. Stop raised. 

Gold:

 Also, remaining strong. Firmly above $2000 now. Stop has been adjusted, while some mild RSI divergence is developing, over the next trading session, I will determine if it's time to adjust stop even higher.

Copper:

There was a triangle pattern break. I did not enter, was fortunate to have been distracted at the time. A second attempt may be in the works, but the technical pattern growing somewhat muddled. There could be a decent 'risk-off' trade across a variety of asset classes as the bullish bias has been pressing consistently for weeks, even months now and there could be an opportunity for them to take a breather. Wait and watch mode on this one.