Commodity Pick Report
Morning Call, May 19, 2011
"The money's made in the sitting and the waiting, not the trading." - Jesse Livermore
"There's nothing wrong with being choosy" - Erich Senft
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Welcome to Commodity Pick Report!
Commodity Pick Report gives you my best hand picked trades for each week. The trades are classified according to their probability of success, with low risk trades having the greatest probability of success and high risk trades the least. There are trade management suggestions for open positions and profit targets are offered for your consideration but I would advise you to adjust recommendations to suit your own circumstances.
Remember the key to making money in trading does not require taking numerous trades; rather the best way to make money is to take multiple contracts on the most promising trades. Note: CPR trades do not account for slippage; therefore your actual fills might be slightly different than those reported here.
Here's to your success!
Erich
erich@tradershelpingtraders.com
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Position Trades
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1: CURRENCIES
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June Australian Dollar ADM1
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I'll be straight with you, Wednesday's small, indecisive session is a potentially a bad sign. The market is showing no commitment, but ironically a big move is likely to be the result. The big question is "which way?" I'll stick with the trend side.
If the June Australian Dollar opens at or below 10630
BUY 2 July Australian Dollar at 10640 (stop)(day)
If filled: Exit Stop: 10460 (stop)(GTC)
Approximate Risk: $1800 per contract
Profit Target: 10800 (limit)(GTC)
Approximate Profit: $1600 per contract
Degree of Risk: HIGH
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June British Pound BPM1
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FLAT
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June Canadian Dollar CDM1
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FLAT
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June EuroFX ECM1
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FLAT
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June Japanese Yen JYM1
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FLAT
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June Swiss Franc SFM1
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Exact same thing happening in the SF as the AD (above). Same uncertainty and riskiness too.
If the June Swiss Franc opens at or below 11390
BUY 2 June Swiss Franc at 11400 (stop)(day)
If filled: Exit Stop: 11250 (stop)(GTC)
Approximate Risk: $1875 per contract
Profit Target: 11530 (limit)(GTC)
Approximate Profit: $1625 per contract
Degree of Risk: HIGH
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June US Dollar Index DXM1
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FLAT
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2: INDICES
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December Eurodollar EDCZ1
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FLAT
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3: GRAINS
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July Canola RSN1
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FLAT
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July Corn CN1
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FLAT
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July Oats ON1
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FLAT
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July Soybean Meal SMN1
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FLAT
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July Soybean Oil BON1
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FLAT
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July Soybean SN1
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FLAT
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July Wheat WN1
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FLAT
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4: MEATS
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May Feeder Cattle FCK1
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FLAT
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June Live Cattle LCM1
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Okay, that's MUCH better. Roll the remaining stops above Tuesday's high (or better).
CONTINUATION of Short June Live Cattle at 11200 (May 2)
Exit Stop: 10860 (stop)(GTC)
Approximate Risk: $0 per contract
1st Profit Target: 11080 (May 3)
Approximate Profit: $480 per contract
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August Lean Hogs LHQ1
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Hogs gapped us on the open voiding the trade. It might turn out to be a blessing in disguise as the day finished very bullish. FLAT for Thursday.
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5: METALS
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March Copper HGH1
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FLAT
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June Gold GCM1
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FLAT
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March Silver SIH1
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FLAT
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6: SOFTS
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July Cocoa CCN1
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FLAT
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July Coffee KCN1
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FLAT
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July Cotton CTN1
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Cotton's inching along making it very difficult to manage our stops. A pullback phase is likely coming. Riding it out will be a challenge.
CONTINUATION of Long 2 July Cotton at 15700 (May 17)
If filled: Exit Stop: 15055 (stop)(GTC)
Approximate Risk: $3225 per contract
Profit Target: 16900 (limit)(GTC)
Approximate Profit: $6000 per contract
Degree of Risk: Moderate to HIGH
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July OJ OJN1
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FLAT
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July Sugar SBN1
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FLAT
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Day Trading Support and Resistance Lines
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June mini-Russell TFM1
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Support and Resistance Lines:
874.0
867.0
860.5
858.0
857.5
855.0
857.0
850.0
845.0
838.5
830.0
827.0
820.0
814.5
810.5
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June mini-S&P ESM1
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Support and Resistance Lines:
1367.50
1365.00
1362.00
1356.50
1351.00
1348.00
1342.00
1355.00
1353.00
1350.00
1347.00
1343.00
1339.50
1337.00
1334.00
1327.00
1318.00
1315.00
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Commodity Pick Report is a publication of Traders Helping Traders.net
http://www.tradershelpingtraders.net
erich@tradershelpingtraders.net
Copyright (c) 2003 - 2011 Traders Helping Traders.net.
10 - 6078 Truesdale Street, Duncan, British Columbia, V9L 0B4
(250)748-9242 (Pacific Time Zone)
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My Lawyer Made Me Say
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Futures trading involves the substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources that Commodity Pick Report believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such.
Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results. Any dollar amount quoted is exclusive of commissions and fees.
CFTC Rule 4.41
RISK DISCLOSURE!
Trading commodity Futures and options on futures involves significant risk. You must consult licensed professionals or your own advisors before trading to determine if it is suitable for you.
Nothing contained herein is a solicitation to trade or a recommendation of a specific trade. You must consult your broker or advisor before making any trade to ensure current prices, margin requirements and other factors determinant to suitability.
By reading this publication you agree to make no trade relying in whole or in part on the comments of the writers. You agree before doing any trade contained herein to consult your charts and advisors to verify all information and make your own decision.
Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown.
In fact, there are frequently sharp differences between hypothetical performance results and actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk and no hypothetical trading record can completely account for the impact of financial risk in actual trading.
For example, the ability to withstand losses or to adhere to particular trading program in spite of trading losses are material points which can also adversely affect actual trading results.
There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results.
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