Support and Resistance Journal

1: CURRENCIES: Opening Range Open Price: 5:20 (Pacific)/7:20 (Central)/8:20 (Eastern)

Australian Dollar

The Australian Dollar hit its profit target last week and with Friday’s big bounce it was probably a good idea to get out of the trade while there still was profit! I’m standing aside for now as there seems to be some bullishness entering the market, but I’m not ready to buy yet. In fact, I’ll be looking for a pullback and another chance to sell.

COMPLETION of Short 1 September Australian Dollar (6A) 7500 (June 14)
Profit Target: 7400 (June 26)
Approximate Profit: $1000

British Pound FLAT
Canadian Dollar FLAT
EuroFX FLAT

Japanese Yen

The Yen came within a few ticks of my short order last Friday but didn’t get low enough to fill.  The market’s momentum is down so I’ll re-run the order for Monday. I considered adjusting the trade to allow for the swing low at 90515 (September) but the truth is if I get filled at 90600 I’ll almost certainly get filled at 90500 as well, so I might as well opt for the better selling price.

If the September Japanese Yen opens at or above 90600
SELL 1 September Japanese Yen (6J) at 90600 (stop)(day)
If filled: Exit Stop: 92400 (stop)(GTC)
Approximate Risk: $2250
Profit Target: TBA
Degree of Risk: HIGH

Japanese Yen chart

2: INDICES: Opening Range Open Price: 6:30 (Pacific)/8:30 (Central)/9:30 (Eastern)

Emini-S&P FLAT
30 Year Bond FLAT

3: GRAINS: Opening Range Open Price: 6:30 (Pacific)/8:30 (Central)/9:30 (Eastern)

Corn

Corn remains very bearish, but there was some consolidation going on before the weekend which makes me leery about getting too aggressive on the market. I will look to short it again this week but I’m giving the trade a wide berth on the entry.

If September Corn opens at or above 349
SELL 1 September Corn (ZC) at 349 (stop)(day)
If filled: Exit Stop: 369 (stop)(GTC)
Approximate Risk: $1000
Profit Target: TBA
Degree of Risk: Moderate to HIGH

Corn chart

Soybean Oil FLAT
Soybeans FLAT

Wheat

We saw a much more aggressive consolidation in Wheat last Friday as the market made a big bounce off support. This might well develop into a trend change but until the market confirms bullish momentum with more strong bull bars I’ll continue looking to sell it with the immediate trend.

If September Wheat opens at or above 478
SELL 1 September Wheat (ZW) at 478 (stop)(day)
If filled: Exit Stop: 512 (stop)(GTC)
Approximate Risk: $1700
Profit Target: TBA
Degree of Risk: Moderate to HIGH

Wheat chart

4: MEATS: Opening Range Open Price: 6:30 (Pacific)/8:30 (Central)/9:30 (Eastern)

Feeder Cattle FLAT
Live Cattle FLAT

5: METALS

Gold: Opening Range Open Price: 5:20 (Pacific)/7:20 (Central)/8:20 (Eastern)
FLAT

Silver: Opening Range Open Price: 5:25 (Pacific)/7:25 (Central)/8:25 (Eastern)
FLAT

Copper: Opening Range Open Price: 5:20 (Pacific)/7:20 (Central)/8:20 (Eastern)

Watch List – I hope the Copper trade didn’t run away on me. The market has turned bearish and put in a good decline last week but I was holding out for a pullback, or at least signs of support, so I could sell it as well.

6: SOFTS: Opening Range Open Price: 6:30 (Pacific)/8:30 (Central)/9:30 (Eastern)

Cocoa

Things aren’t looking so good for my Cocoa trade as the market put in a strong rally again on Friday. This is likely going to build into a short term bottom, so my best hope is that the bears will give it one more push before the buyers try and take over. “Breakeven” is the plan du jour right now.

CONTINUATION of Short 1 September Cocoa (CC) at 2430 (June 26)

Exit Stop: 2680 (stop)(GTC)
Approximate Risk: $2500
Profit Target: 2430 (limit)(GTC)
Approximate Profit: $0
Degree of Risk: Moderate to HIGH

Cocoa chart

Coffee FLAT
Sugar FLAT

7: ENERGIES: Opening Range Open Price: 6:00 (Pacific)/8:00 (Central)/9:00 (Eastern)

Natural Gas FLAT
Crude Oil FLAT

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