CURRENCIES
September Japanese Yen JYU9
I’m getting more bearish on the Yen as the market seems to be losing all upward momentum. But the trend is still up so I’ll run the trend trade for now and will consider a short position if resistance holds.
If September Japanese Yen opens at or below 107.50
BUY September Japanese Yen at 107.63 (stop)(day)
If filled: Exit Stop: 105.79 (stop)(GTC)
Approximate Risk: $2300 per contract
Profit Target: 108.93 (limit)(GTC)
Approximate Profit: $1625 per contract
Degree of Risk: HIGH
FINANCIALS/INDICES
September mini-DOW YMU9
Yes, I know it’s countertrend, but do you see the big run up to here? Did you notice what’s happening to the volume? I think some profit taking is going to start Thursday, so I’m selling short term.
If September mini-DOW opens at or above 8801
SELL September mini-DOW at 8800 (stop)(day)
If filled: Exit Stop: 8910 (stop)(GTC)
Approximate Risk: $1100 per contract
Profit Target: 8625 (limit)(GTC)
Approximate Profit: $1750 per contract
Degree of Risk: Moderate
GRAINS
September Soybean Oil BOU9
The Day Session didn’t get low enough to find our sell order so we’ll run it again for Thursday…but it is more risky than it was for Wednesday.
If September Bean Oil opens at or above 3450
SELL September Bean Oil at 3449 (stop)(day)
If filled: Exit Stop: 3573 (stop)(GTC)
Approximate Risk: $744 per contract
Profit Target: 3367 (limit)(GTC)
Approximate Profit: $492 per contract
Degree of Risk: HIGH
September Soybean SU9
I just love tiny bars. They make even expensive markets like Soybeans affordable! Wednesday saw support come right back after Tuesday’s resistance. The end result? We could see a rally from here.
If September Soybeans opens at or below 958
BUY September Soybeans at 958 1/4 (stop)(day)
If filled: Exit Stop: 933 3/4 (stop)(GTC)
Approximate Risk: $1225 per contract
Profit Target: 986 3/4 (limit)(GTC)
Approximate Profit: $1425 per contract
Degree of Risk: Moderate
September Wheat WU9
Nailed Wheat’s range for Wednesday! The market behaved perfectly getting us out with $650 profit per contract – just 3 ticks shy of the low of the day.
Don’t you just love support and resistance trading?
COMPLETION of Short September Wheat at 527 3/4 (July 22)
Profit Target: 514 3/4
Approximate Profit: $650 per contract
MEATS
August Feeder Cattle FCQ9
Watch List – Feeder’s bull run might be nearing it’s end. Look for support near 101.50. Right now I think we’ll see a failure there, but we’ll see how it develops.
METALS
September Copper HGU9 FLAT – Copper rallied voiding our sell order. Sitting on my hands for Thursday.
SOFTS
September Coffee KCU9
Maybe I shouldn’t wait so long between Coffee trades?
The market behaved beautifully getting us in ‘n out by hitting our profit target in a single session. I for one will sleep much better tonight.
COMPLETION of Short September Coffee at 120.75 (July 22)
Profit Target: 116.60
Approximate Profit: $1556 per contract
