Commodity Pick Report
Morning Call, August 9, 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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September Australian Dollar ADU1
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FLAT
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September British Pound BPU1
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I'm going to re-run the weekend trade for the British Pound even though all the currencies seem to be falling off the map at the moment. This is an early attempt to get into the market, so be warned, it's a HIGH risk trade.
If September British Pound opens at or below 16450
BUY 2 September British Pound at 16460 (stop)(day)
If filled: Exit Stop: 16230 (stop)(GTC)
Approximate Risk: $1437 per contract
Profit Target: 16640 (limit)(GTC)
Approximate Profit: $1125 per contract
Degree of Risk: HIGH
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September Canadian Dollar CDU1
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FLAT
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September EuroFX ECU1
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FLAT
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September Japanese Yen JYU1
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FLAT
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September Swiss Franc SFU1
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We can "safely" roll our stops to at least 12800, but as always there is a lot of profit in play here ($11,400) so don't be afraid to bank it!
CONTINUATION of Long September Swiss Franc at 12330 (July 25)
Exit Stop: 12550 (stop)(GTC)
Approximate Risk: $0 per contract
1st Profit Target: 12500 (July 26)
Approximate Profit: $2125 per contract
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September US Dollar Index DXU1
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FLAT
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2: INDICES
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June Eurodollar EDCM12
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Watch List - we got resistance to start the week; however I don't think we're going to have to wait too long for signs of support and a chance to BUY.
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3: GRAINS
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November Canola RSX1
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Canola easily found our first profit target to start the week. I'm rolling the remaining stops to breakeven, even though it is technically a touch early.
CONTINUATION of Short November Canola at 5560 (August 5)
Exit Stop: 5660 (stop)(GTC)
Approximate Risk: $200 per contract
Profit Target: 5430 (limit)(GTC)
Approximate Profit: $260 per contract
Degree of Risk: Moderate
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September Corn CU1
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FLAT
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September Oats OU1
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FLAT
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September Soybean Meal SMU1
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FLAT
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September Soybean Oil BOU1
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Bean Oil made a nice move lower Monday which allows us to roll our stops a bit for Tuesday. This market is beginning to gain some momentum as well and might develop into a larger move, so I'm trying to give it a little room.
CONTINUATION of Short 2 September Bean Oil at 5450 (August 5)
Exit Stop: 5560 (stop)(GTC)
Approximate Risk: $660 per contract
Profit Target: 5300 (limit)(GTC)
Approximate Profit: $900 per contract
Degree of Risk: Moderate to HIGH
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September Soybean SU1
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FLAT
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September Wheat WU1
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FLAT
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4: MEATS
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October Feeder Cattle FCV1
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FLAT
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October Live Cattle LCV1
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This is taking too long. I think the Bulls are spent. Don't be afraid to make the stops a little better than breakeven to protect at least some additional profit.
CONTINUATION of Long October Live Cattle at 11650 (July 29)
Exit Stop: 11650 (stop)(GTC)
Approximate Risk: $0 per contract
1st Profit Target: 11860 (August 2)
Approximate Profit: $840 per contract
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October Lean Hogs LHV1
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FLAT
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5: METALS
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September Copper HGU1
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FLAT
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August Gold GCQ1
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FLAT
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September Silver SIU1
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FLAT
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6: SOFTS
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September Cocoa CCU1
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FLAT
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September Coffee KCU1
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FLAT
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December Cotton CTZ1
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We sold Cotton to start the week on a strong move lower. Ideally the stops should remain where they are for at least one more day; however I realize there is a lot of money at risk so feel free to make them tighter than suggested.
CONTINUATION of Short 2 December Cotton at 10020 (August 8)
Exit Stop: 10550 (stop)(GTC)
Approximate Risk: $2650 per contract
Profit Target: 9550 (limit)(GTC)
Approximate Profit: $2350 per contract
Degree of Risk: Moderate to HIGH
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November OJ OJX1
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FLAT
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October Sugar SBV1
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FLAT
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Day Trading Support and Resistance Lines
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September mini-Russell TFU1
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Support and Resistance Lines:
852.8
826.9
801.0
775.0
749.1
723.2
703.7
684.3
671.3
658.4
645.4
632.4
619.5
606.5
587.1
567.6
541.7
515.8
489.9
463.9
438.0
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September mini-S&P ESU1
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Support and Resistance Lines:
1356.00
1325.50
1295.00
1264.25
1233.75
1203.00
1180.00
1157.00
1141.75
1126.50
111.25
1095.75
1080.50
1065.25
1042.25
1019.25
988.75
958.00
927.50
896.75
866.25
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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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