✍️Weekly Trade Plan & Recap 11th - 17th May
Further confirmation for a Dollar bull move 📈, Why Gold may have a lot further to fall! 📉💥, Plus analysis 🔎📰 for Euro, Gold, Silver, Copper, S&P 500 and our Bitcoin targets!
Last week, we saw further reasons to get long the Dollar Index (and short the Euro).
A fallacy of some amateur traders is to ignore the higher timeframe charts, either out of laziness or the belief that those timeframes don’t matter.
Without looking at the daily, weekly and monthly, you really are missing a lot and could potentially be trading against the main bias or flow.
A good example of this is the weekly Pinbar into Demand that I mentioned last week. Here’s the original chart:
Since then, we’ve had a further weekly candle back into the boxed range, and are now expecting a move up to the major Price Pivot Zone (PPZ) at 103.66.
Before looking at the next chart, keep in mind the lower white line at 100.26. This acted as support in September last year and became resistance in April.
Now, we move to the 4 hour chart…
Notice on Friday, the market made an impulse up through the white resistance level and retested it as support.
Also notice the positive price action in the range preceding the impulse - we had a “V” shaped return and two Bull Channels.
So, this is a great level for a swing long back to the Price Pivot Zone, but don’t forget to scale profit along the way, as nothing is set in stone.
👇👇👇 Next up for members, we’ll look at why I called the similar reverse trade on the Euro 📉 with exact stoploss positioning, plus the price action showing why Copper could be ready for a move up 📈 and why Gold could have a lot further to fall 💥📉.
Plus we’ll look at our two Bitcoin targets and see whether we may be entering “Altcoin Season”… 🌱🚀