Trading the Trend: long soybeans
Front month soybean futures are bouncing off support which is why we would like to go long with an upside target in the 1,400 region and a stop-loss at 1,245.
(Video summary)
Tullow Oil
The video starts by talking about a previous trade in Tullow Oil. The share price initially went down, but then it bounced back up from a certain point on the graph. Although the trade is still in negative territory compared to where it was bought, the stop-loss order is still in place and the trade is still ongoing.
USD/JPY
Then, IG analyst, Axel Rudolph talks about their current trade in USD/JPY. He suggests setting a specific level where you will take your profit, because as the price gets closer to a certain point, there is a higher chance that the Bank of Japan might step in and cause a big and fast movement that could be difficult to trade. He also recommends having a fixed stop-loss for this trade, to protect against losses.
WTI
Next, the speaker talks about another trade they took in WTI last week, which is currently in a positive position. They suggest either moving the stop-loss to the original price they bought it at, or to the lowest point it reached after they bought it.
Soybeans
Then, the speaker moves on and suggests looking at soybean futures for this week's trading opportunities. He mentions that soybeans have recently bounced back from support levels in August and have rallied upwards from their lowest point in late June. Based on this, he advises going long (buying) soybeans at around the $1,300 price level and setting a stop-loss below the lowest point it reached in late June. He provides an upside target of around $1,400 as a potential profit.
Overall, the video talks about the ongoing trades in Tullow Oil, USD/JPY, and WTI. It also recommends going long (buying) on soybeans with a specific stop-loss and a potential profit target.
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