Going to be out of state today. Headed to MGEX annual meeting in minneapolis. Plan for the day is to not trade very much and just enjoy the meeting but I still want to get long sugar around 1020 and short cotton at 65 and then 63. Maybe a possible long coffee at 131-132 range. Got to go im running late again lol!
Youngtrader's Commodity Journal
- Thread starter youngtrader
- Start date
Short 1 cotton today at 65. crb index was on a role today and the buying in cotton is just hedge funds buying any commodity they can find no matter the fundamentals. We closed at 65.25. I will not give this trade much room to work with because we might be headed up to 68 just to test and then go on down.
Coffee up about .60 to 134 something. Same kind of thing going on here with the crb higher today. If we can break through 135 we might uncover some buy stops imo. Exports are outpacing months prior and demand looks good. Friday brazil comes out with there old crop estimates report so that should be interesting. Im not a buyer until around 132.
Sugar ended unchanged today at 1030. I think we are going to get a little pullback soon. But if we can stay above the 1020 mark we are heading for a test of 1050 and then probably 1080 or so.
Coffee up about .60 to 134 something. Same kind of thing going on here with the crb higher today. If we can break through 135 we might uncover some buy stops imo. Exports are outpacing months prior and demand looks good. Friday brazil comes out with there old crop estimates report so that should be interesting. Im not a buyer until around 132.
Sugar ended unchanged today at 1030. I think we are going to get a little pullback soon. But if we can stay above the 1020 mark we are heading for a test of 1050 and then probably 1080 or so.
Damn just looking over some charts and coffee traded down to 132.2. I would of been all over that if I would have known!!! Fuck!! Sorry just venting my anger.
Sorry for not posting my trades yesterday but I have been extremely busy for some reason the last couple days.
I did sell 1 march cotton at 65. Trading at around 64.50 this morning. Next level is 63 and if we can break and close through that im planning on adding shorts.
Also got long 1 march coffee at 132.25. I think we are seeing a little profit taking after the recent rise in prices and then we are gonna go right back up. Still uncertainty about the brazilian crop.
Not doing anything with sugar until we trade around 1020 and can hold fairly well at that level.
Good Trading Everyone
I did sell 1 march cotton at 65. Trading at around 64.50 this morning. Next level is 63 and if we can break and close through that im planning on adding shorts.
Also got long 1 march coffee at 132.25. I think we are seeing a little profit taking after the recent rise in prices and then we are gonna go right back up. Still uncertainty about the brazilian crop.
Not doing anything with sugar until we trade around 1020 and can hold fairly well at that level.
Good Trading Everyone
Coffee closed higher today. Not by much but still higher. Conab (Like the usda but I can't remember what the hell conab stands for to be honest lol) came out and said brazil coffee harvest was up about a million bags from what was previously estimated. I think this was pretty much already figured in the coffee market. What everybody seems to be focused on is the new crop which conab will come out with estimates on the new crop in jan. Harvest of the new crop will be in may I believe. Im still long at 132.25. A close over 135 sets us up for a trade to 137. A close below 131 sets us up to trade back in the long term range that has been created in coffee.
I wish I would of stayed on the long sugar bandwagon for a bit longer but I figured we would get a nice healthy pullback in sugar to create a nice long entry. Guess not. I did manage to get a nice short sell here though. I sold a 10 lot at 1055. Market closed at 1048 I think. We have been rejected 3 major times at this level with nice spike bars on the chart on those rejected days. We are oversold here and thats my reason for the short nothing more nothing less. No fundamental support in sugar now, we blew through 1040 and picked up buy stops and thats just about it.....all technical buying. I see us trading back down to 1025 and then working higher to my eventual price target of 1080. It would take a hell of a lot of buying to push prices through that level.
I got screwed on cotton today. Out at 65.50. $250 loss there. Im starting to get scared to short this market at least not until we get a confirmation we are headed back down.
Thats about it for this week so we will see what next week brings.
Have a great weekend everybody!
I wish I would of stayed on the long sugar bandwagon for a bit longer but I figured we would get a nice healthy pullback in sugar to create a nice long entry. Guess not. I did manage to get a nice short sell here though. I sold a 10 lot at 1055. Market closed at 1048 I think. We have been rejected 3 major times at this level with nice spike bars on the chart on those rejected days. We are oversold here and thats my reason for the short nothing more nothing less. No fundamental support in sugar now, we blew through 1040 and picked up buy stops and thats just about it.....all technical buying. I see us trading back down to 1025 and then working higher to my eventual price target of 1080. It would take a hell of a lot of buying to push prices through that level.
I got screwed on cotton today. Out at 65.50. $250 loss there. Im starting to get scared to short this market at least not until we get a confirmation we are headed back down.
Thats about it for this week so we will see what next week brings.
Have a great weekend everybody!
Just found out that ICE said thursday that they will shut down the trading floors at the NYBOT in Feb. What a sad thing to read. I can't believe its actually happening so fast. With the CME shutting down its pork bellies pit in march and now with the nybot its only a matter of time before the whole fucking thing is a black box. They said options trading will continue down on the floor and that they will anounce when they plan to start offering options side by side in there quarterly report. Its only a matter of time before those pits are dead too. I am going to try my damndest to get a job clerking this summer at the MGEX. I talked to several people at the MGEX during the annual meeting and they said odds are good I will get a job this summer. I just want to experience it before it is gone. In my opinion these exchanges will be sorry for shutting the pits down. They can still be a very viable part of the exchange if they would just open there eyes and see that. People bitch about the floor being able to manipulate the smaller players but I believe that with totally electronic markets the small guys will really be getting fucked. I think the electronic markets are rigged more than they ever were when it was all pit traded. Instead of getting screwed by a guy named joe in the pit you are getting fucked by some sort of complex computer program thats way smarter than any of us. It will only get worse.
Sorry for rambling but it really pisses me off that they are doing this. Fuck you ICE!
Sorry for rambling but it really pisses me off that they are doing this. Fuck you ICE!
Thanks for the compliment I appreciate it!
Well off to a sour start this morning. Im out my 10 sugar at 1060. $560 loss. Not sure what to do now. I thought for sure we were gonna be red when I woke up this morning but guess not and it hit my stop. We have made new highs now with 1065 being that new high so far in this rally. I might try to get long a few contracts as we try to push for 1080. (from 1060-1080 its mostly air)
Coffee trading a little lower this morning even though robusta futures in london are higher overnight. I expect this to be short lived especially with all the strength we seen in coffee friday. We need a close over 135 to gain more momentum to the upside. A close over 135 sets us up for 137 easy. A close under 131.50 sets us up for trade near 128 or so.
Cotton also trading a little lower this morning. Im a buyer if we get above 66. Im a seller with a close below 64.25.
All in all its going to be a very busy day today.
Good Trading Everyone!
Well off to a sour start this morning. Im out my 10 sugar at 1060. $560 loss. Not sure what to do now. I thought for sure we were gonna be red when I woke up this morning but guess not and it hit my stop. We have made new highs now with 1065 being that new high so far in this rally. I might try to get long a few contracts as we try to push for 1080. (from 1060-1080 its mostly air)
Coffee trading a little lower this morning even though robusta futures in london are higher overnight. I expect this to be short lived especially with all the strength we seen in coffee friday. We need a close over 135 to gain more momentum to the upside. A close over 135 sets us up for 137 easy. A close under 131.50 sets us up for trade near 128 or so.
Cotton also trading a little lower this morning. Im a buyer if we get above 66. Im a seller with a close below 64.25.
All in all its going to be a very busy day today.
Good Trading Everyone!
Got a 10 lot of sugar bought at 1064. Out at 1078 right on the close. We came so fucking close to 1080 we could of kissed it! But near the end I took the money and ran(isn't that a song?). Just starting to dabble in a little bit of day trading here. I like the way sugar trades so that will be about the only commodity I probably do it with. Anyway $1568 profit on the sugar!
Out of my march coffee right at 135. Was looking at the market just as we were about to close and we were drastically lower than that. I was looking to get long again like I said this morning if we could close above 135. $1031 profit on the coffee!
That damn cotton! I got long at 66.05 thinking that we could get some momentum at that level. We traded to 66.10 and fell from there. I was not going to give this one much room (my bias is lower) and was out at 65.50. $275 loss there in the cotton. Im looking for a short at 64.25. Market looks weak after today.
Anyway other than that not much going. Nice day today and I look for that to continue tomorrow!
Out of my march coffee right at 135. Was looking at the market just as we were about to close and we were drastically lower than that. I was looking to get long again like I said this morning if we could close above 135. $1031 profit on the coffee!
That damn cotton! I got long at 66.05 thinking that we could get some momentum at that level. We traded to 66.10 and fell from there. I was not going to give this one much room (my bias is lower) and was out at 65.50. $275 loss there in the cotton. Im looking for a short at 64.25. Market looks weak after today.
Anyway other than that not much going. Nice day today and I look for that to continue tomorrow!
I'm still long sugar, and expect to be for several months at least. Only trading the long side for long term. Good luck with your daytrades.
