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.
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