CURRENCIES
September Canadian Dollar CDU9
Watch List – The CD’s trading near the same resistance from the end
of July and early June. Look for possible support for Tuesday.
While I’ll consider buying a bounce I don’t think it’s going to
last as momentum continues to dip, suggesting a move lower is more
likely.
September EuroFX ECU9
Huge support zone for the EuroFX and while we don’t officially have
support (yet) I’ll consider buying a move above Monday’s high.
If September EuroFX opens at or below 142.00
BUY 2 September EuroFX at 142.37 (stop)(day)
If filled: Exit Stop: 140.89 (stop)(GTC)
Approximate Risk: $1850 per contract
Profit Target: 143.49 (limit)(GTC)
Approximate Profit: $1400 per contract
Degree of Risk: Moderate to HIGH
September Japanese Yen JYU9
Watch List – If Tuesday’s session mirrors Monday’s (ie. not too
big) I might consider shorting for Wednesday. I love to see a pause
after a big bar. It shows that traders are “thinking” but after
they’re done they usually continue with their original plan.
FINANCIALS/INDICES
March Eurodollar EDH0
Watch List – The market showed us support to start the week;
however momentum is still falling so this might be a falsie. If it
is, resistance will come back into the market for Tuesday and that
will be our excuse to try and sell it for Wednesday.
GRAINS
November Canola RSX9
Canola’s being coy, but I’m sticking with the original plan.
SELL 2 November Canola at 420.0 (stop)(limit)(day)
If filled: Exit Stop: 437.0 (stop)(GTC)
Approximate Risk: $340 per contract
Profit Target: 400.0 (limit)(GTC)
Approximate Profit: $400 per contract
Degree of Risk: Moderate to HIGH
September Soybean Meal SMU9
A little bit of a surprise for the Soy Meal trade but not enough to
make me change my mind about buying.
If September Soy Meal opens at or below 3485
BUY 2 September Soy Meal at 3490 (stop)(day)
If filled: Exit Stop: 3355 (stop)(GTC)
Approximate Risk: $1350 per contract
Profit Target: 3555 (limit)(GTC)
Approximate Profit: $650 per contract
Degree of Risk: Moderate to HIGH
MEATS
October Feeder Cattle FCV9
Monday gave us the resistance we were looking for and so we’re
going to be sellers here again for Tuesday. According to the Moving
Averages we’re technically in an uptrend, so caution is in order
when selling.
If October Feeder Cattle opens at or above 100.30
SELL 2 October Feeder Cattle at 100.15 (stop)(day)
If filled: Exit Stop: 101.90 (stop)(GTC)
Approximate Risk: $875 per contract
Profit Target: 99.15 (limit)(GTC)
Approximate Profit: $500 per contract
Degree of Risk: Moderate to HIGH
SOFTS
September Cocoa CCU9
Cocoa make a pretty decent move to start the week finding our
profit target in the first session. That’s one contract down, and
one to go. The second contract is now trailing a stop and we’ll see
if we can get some momentum; however with the contract highs
bouncing Monday’s session it might be tough!
CONTINUATION 1 Long December Cocoa at 2903 (August 10)
Exit Stop: 2823 (stop)(GTC)
Approximate Risk: $800 per contract
Degree of Risk: Moderate to HIGH
Profit Target 1 contract: 2949 (August 10)
Approximate Profit: $460 per contract
