TIB: Today I Bought (and Sold) - An Investors Journal #347 - Corn
No trading into the weekend other than taking profits in Corn to cover funding costs and bolster margin. With Brexit vote coming up on January 15, interest rate markets will be showing the nerves.
Portfolio News
Market Rally
The US market tried hard to rally a 6th day but stuttered trading essentially flat.
Russell 2000 did rally a 6th day. Interest rates did the drift down again
Britain Bumbles Along
Biggest market news for the coming week is the Brexit Parliament vote
This is crunch time for Britain and for politicians to step up and make the right decision. The people have voted to leave. The government have negotiated a deal to allow them to do that. The logic says that the EU deal on the table is better than no deal (even though it is not great). Politicians need to set aside their party views and vote on what is the best "worst case" for Britain.
Reading through the fine detail of the story shows a long game of brinkmanship to the doors of the vote and right up to March 29, 2019 when the break happens.
https://www.ft.com/content/3eb997ca-14c9-11e9-a581-4ff78404524e
Sold
Corn (CORN): Corn Futures. Closed one contract to release funds for margin locking in $8 per contract profit (2.1%) . Profits deployed to pay funding costs.
The chart shows the remaining open trade (blue dot) and the take profit target (top dotted line). The trading plan is to trade reversals to the top of the price range in this account. I hold long position for the longer term China demand trade through ETF's.
Cryptocurency
Bitcoin (BTCUSD): Price range for the weekend was $228 (6.2% of the high). Price is now working along the bottom of the range (extended in purple on the chart) looking for buyers. With futures expiry coming up this week and next, this could be a rocky wait. Bakkt is potentially opening in late January - this will help sentiment.
Ethereum (ETHUSD): Price range for the weekend was $15 (12% of the high). Price just kept drifting down in "no mans land" looking for support and did find just that at the prior lows holding above $112 (yellow ray). If price can hold above this level and take out yesterday's high, this will be a higher low and a chance of a leg up.
The MACD momentum indicator is showing divergence - price made a lower high but MACD has made a higher high (compare the pink arrows). The MACD has in fact made successive higher highs with price making lower highs.
CryptoBots
Outsourced Bot No closed trades. (222 closed trades). Problem children remains at 19 coins. (>10% down) - DASH (-73%), ETH (-68%), ZEC (-72%), AE (-44%), LTC (-49%), BTS (-66%), ICX (-87%), ADA (-71%), PPT (-85%), DGD (-85%), GAS (-88%), SNT (-62%), STRAT (-73%), NEO (-85%), ETC (-66%), QTUM (-77%), BTG (-72%), XMR (-55%), OMG (-79%).
Coins moved in a narrow band of 1 or 2 points, mostly down. LTC dropped 4. GAS (-88%) remains the worst coin.
Profit Trailer Bot Two closed trades (2.13% profit) bringing the position on the account to 5.34% profit (was 5.29%) (not accounting for open trades).
Dollar Cost Average (DCA) list remains at 5 coins with all coins improving
Pending list remains at 10 coins with 7 coins improving, 3 coins trading flat and none worse.
PT Defender continues defending 9 coins. No change
New Trading Bot Trading out using Crypto Prophecy. 2nd part of DCA trade on FUEL closed out (1.89% profit). FUEL market has two pumps one followed by a big dump. The spike in price was not enough to make my initial trade a winner.
Trades remain open on VET, SC, FUEL, XLM.
Currency Trades
Forex Robot not working
Outsourced MAM account No trades
Cautions: This is not financial advice. You need to consider your own financial position and take your own advice before you follow any of my ideas
Images: I own the rights to use and edit the Buy Sell image. News headlines come from Google Search. All other images are created using my various trading and charting platforms. They are all my own work
Tickers: I monitor my portfolios using Yahoo Finance. The ticker symbols used are Yahoo Finance tickers
Charts: http://mymark.mx/TradingView - this is a free charting package. I have a Pro subscription to get access to real time forex prices
Crypto Prophecy provides a useful tool to identify oversold and overbought coins - https://mymark.mx/CryptoProphecy
January 11, 2019
work a very useful sir.
i really admire your post,i support you sir @carrinm
Banking Earnings will surely be the highlight of the week and may support continued higher prices short term unless forward looking statements underperform.
Posted using Partiko iOS
Nice start with Citigroup (C) earnings. Only two sectors in positive territory - Financials was one. Looks like I will be assigning a few covered calls in the sector on Friday (BAC and KBE).