CURRENCIES
September British Pound BPU9
The British Pound has turned very neutral so I’m not expecting a lot from here. The trend that brought us into this sideways action was up, so that’ll be my first preference.
If the September British Pound opens at or below 166.00
BUY September British Pound at 166.37 (stop)(day)
If filled: Exit Stop: 162.87 (stop)(GTC)
Approximate Risk: $2187 per contract
Profit Target: 167.97 (limit)(GTC)
Approximate Profit: $1000 per contract
Degree of Risk: Moderate to HIGH
September Swiss Franc SFU9
A big fake-out in the Swiss Franc as the market put on a big rally for Tuesday. It was setting up like it wanted to head lower, but obviously didn’t. Now that we have a better idea as to the direction (unless we see a big reversal on Wednesday) we can wait for resistance to give us another chance to buy.
Until then we’re FLAT.
September US Dollar Index DXU9
Good thing I stuck with the trend side for the USD and didn’t follow what I was “thinking” about seeing a stronger move for Tuesday! We got filled and the low close broke support so it looks promising right now.
CONTINUATION of Short September US Dollar Index at 80330 (June 23)
Exit Stop: 81270 (stop)(GTC)
Approximate Risk: $940 per contract
Profit Target: 79430 (limit)(GTC)
Approximate Profit: $900 per contract
Degree of Risk: Moderate to HIGH
FINANCIALS/INDICES
March Eurodollar EDH0
FLAT – Still too bad we got gapped… the trade was a good call!
GRAINS
November Canola RSX9
I’ll re-run the Canola trade for Wednesday. It’s still holding support which is a buy signal for us.
If November Canola opens at or below 463.0
BUY November Canola at 464.0 (stop)(day)
If filled: Exit Stop: 451.0 (stop)(GTC)
Approximate Risk: $260 per contract
Profit Target: 476.5 (limit)(GTC)
Approximate Profit: $250 per contract
Degree of Risk: Moderate to HIGH
July Soybean Meal SMN9
FLAT – If you’re still wondering if a profit target is a good idea just check out the Soy Meal chart for Tuesday. Glad we’re gone!
MEATS
August Lean Hogs LHQ9
Watch List – Hogs are building momentum to the upside so I’m looking for a chance to buy support.
