Trading Journal – 23rd August

DXU18 – US dollar has found some support at the 40 day moving average and so perhaps we can expect some buying again here but it is not something I’m willing to take action on just yet.

GCZ18 – Similar to the rhythm of the US dollar, gold is trading the inverse of this pattern at the moment and also found some support at the short-term moving average. Conventional wisdom would say this is a place to sell it but I’m not that confident so I’m just going to leave it.

KCZ18 – Coffee also had another indecisive day just above the key level of 100, the price even dipped below the major level but closed above it. I got stopped out with my stop loss order at 100.55. I said to me if you like we could bounce from here up towards what 107, which is a decent move. Just a question of where to put the stop. If I put it below 100 I would almost want to put it below the previous low recorded on Wednesday’s session which was 99.35. That’s probably a little bit far from where it’s currently trading for my liking.

ZWZ18 – Indecision at the short term maybe for wheat is possibly a sign to go long. The price is right in the middle of the 50% to 61.8% retracement level of the move from the 11th of July to the 2nd of August. I’m not sure that I want to take a position just yet so will probably watch this one for a little bit.

CCZ18 – This one was a nice little winner overnight with the price pushing up to 2310. Looks like there might be a bit of Momentum to the upside to move through the 200 day moving average so I will probably try and cash that in tonight.

SBV18 – I just got stopped out on 1 unit for this one with the price reaching a low of 9.91. The remaining unit rallied to 10.18. And I think between the two of them that is sugar and coffee that the price might be due for a rise to the upside. Think I’m happy to sit on the one unit of sugar for the moment.

HGU18 – Copper is looking weak with the rally from 2.55 running out of steam just in front of 2.70. I would not be surprised to see the downtrend re-establish especially with the US dollar holding at its own short term moving average.

ZSX18 – Another day of weakness for soybeans and it will be interesting to see how it responds to the previous support at 850. Nothing to do here.

ZMZ18 – Soybean meal also looks to be drifting down towards support at 320 so I’ll just be waiting to see how the price responds to that level.

ZOZ18 – This is becoming a hard one to read, hovering around the mid 260s. Whilst the rallies have been weak and still not going away just yet so will wait to see what the next session brings.

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