Eoin's personal portfolio: breakeven stop triggered
Comment of the Day

April 28 2021

Commentary by Eoin Treacy

Eoin's personal portfolio: breakeven stop triggered

Eoin Treacy's view

One of the most commonly asked questions by subscribers is how to find details of my open traders. To make it easier I will simply repost the latest summary daily until there is a change.

Weekends never cease to provide excitement in the crypto markets and yesterday was no exception. Bitcoin bounced emphatically to post an upside key day reversal. As discussed in the Friday audio/video a period of right-hand extension following a massive reaction against the prevailing trend is likely.

The upside key day reversal confirms near-term support. I placed a stop on my Ethereum short at $2500 and it was triggered overnight. The challenge in crypto assets is bitcoin’s trend has lost consistency. The question is whether this is a completing top or whether it has lost consistency at the penultimate peak. We also have to consider that this range is medium-term pause in the big bull markets advocates of the sector adhere to. For me at least, going forward my positions will be smaller and my tolerance of inconsistency will be lower.    

Wheat continues to play catch up with the other grains. My long was opened at 694¢ on April 22nd.

I opened a long on March 30th in the Treasury Note futures paying 131.215 for a June contract. I am increasingly of the opinion that a reversionary rally is overdue amid the potential for a wider risk off environment as the Dollar rallies and potential for intervention increases. 

I still have bids in the market below prevailing prices in gold and silver and will leave them in place to take advantage of any possible additional volatility.

I increased my gold position on December 17th buying another unit at $1818.6 and continue to hold my original purchase which was opened at $1879.2.

I continue to hold my silver and platinum longs which were purchased at $23.7 and $885.4 respectively including spread-bet dealing costs.

These are leveraged trading positions rather than medium to long-term investments.

Among my investments, my original position in the VanEck Vectors Gold Miners ETF was purchased on March 25th at $20.12. I bought another unit at $35.79 on December 1st. I am shopping for opportunities in the gold sector.

My two investment positions in Rolls Royce were purchased at 154.75 and 105p respectively. I also took up the rights issue which has resulted in an average purchase price of 54.63p. Rolls Royce has not participated in the stock market rebound of late and continues to form a first step above the Type-2 base formation.

I continue to hold iShares Biotech ETF purchased at $131.9 on September 24th.

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