Update: Wheat and E-Mini Nasdaq, 3/16/15

Wheat, Long
Entry: 507.50
Exit: 495
PL%: -2.46%

My stop of 495 just got clipped today, before going to a low of around 493 and then rebounding all the way back up to 515. Not only do you have to be right about direction, you also have to be right with your timing and stop placements – all this makes trading very difficult and frustrates many people. I considered re-entering this position long, but then decided against it as I feel it would be more impulse at this point. While this trade was frustrating, I know there will be more opportunities in the future.

E-Mini Nasdaq, Short
Entry: 4311.75
Exit: 4351
PL%: -0.91%

Got stopped out today from this as well. Nasdaq and the other indices have been chopping the last few days. Still have my bearish bias but will wait on the sidelines until another pattern emerges.

Weekly Recap for 3/8/15 – 3/13/15

3/8: *$105,163.46
3/7: *$107,304.98
PL%: +2.04%

Overall a nice week to get back to even for the month of March after a rough start to the month. This week started off fast, as my shorts on S&P 500 and Nasdaq paid off immediately. As with most trend following systems, I gave some profits back before exiting them, but that’s expected. I took a sizable hit from my long Palladium trade and also took smaller hits from long Cocoa and long Live Cattle.

I’ll be carrying three open positions into next week: short E-Mini Nasdaq, short Platinum, and long Wheat. Will take a look this weekend to see if there are any other opportunities.

Updated the Performance page with the latest stats. Currently up +11.65% YTD.

*Numbers based off adjusted starting capital amount of $100,000

Wheat, 3/12/15

ZW[K5], Long, Wedge
Entry: 507.50
Stop: 495
Target: 540
Risk/Reward Ratio: 2.6

1.5-month wedge pattern, I tend to be cautious of wedge patterns because more so than other patterns, it can really be up to your interpretation depending on how you draw the trendline. I made a nice profit in early January off the downtrend, looking to catch the upside this time.