To me , the chart just looks like it is retracing with the grails and will eventually break down. Thanks for postiing the chart!
I do very much still think that Cotton is in the beginning of a long term uptrend, but I need a new long signal somewhere on the daily to get long again. Price is actually 6 ticks below where I exited now, so I will be watching fairly closely.
I'm long usd vs pound, the US data will come out stronger then what most people expect. Geopolitical issues also will come to the table as time elapses. Nonfarm payrolls will blowout expected numbers.
Interesting note about the lumber. I live in So Cal and have wondered myself if they will rebuild sooner or later. There are many new developments which have unsold houses/condos and are dropping in price as we speak which would be attractive alternatives. Of course, I imagine you could get contractors on the cheap now since they are starving for work, and I know right after the fire weekend permits were filed to rebuild. If your lumber bet is based on Cali rebuilding, I would think it would make sense to monitor permits being issues. I have no idea how to do this, though. Just a thought! I enjoy the journal.
Pound position is going against me, this is a swing position, if it can get up to 2.1, I will add more.
Guys, even though is great to read about your trades and market commentaries, I believe B1S2 intended for this thread to be used for his personal trades only and questions and comments about them. I could be wrong of course, been many a times....
My macroview is that we are entering a multi year Yen rally against the dollar and a multi year bondrally. I am already long Yen futures and will be monitoring closely to get long treasury futures.