✍️ Weekly Trade Plan & Recap 17th - 22nd Dec
Is it time to shout "Dollar holler!"? Dead-cat bounce on Gold and Silver? Find out more here... plus analysis on the S&P, WTI Oil, Copper, Bitcoin and Tron.
Last Week’s Highlights
Last week was a bit of a mixed bag with a partial loss on Bitcoin and a loss on the Dollar. The saving grace was ADA (Cardano) where we took another profit scale and of course, we are still running the remaining 25% on profitable Gold and Silver positions.
Bitcoin
I woke up on Monday morning to the following Bitcoin chart. Bitcoin had spiked Demand (in typical volatile fashion) and was now holding above the level. It looked like a pretty decent opportunity for a long.
However, Bitcoin had other ideas and after seeing that not even the lower timeframe support at the small red line could hold, I scratched the trade with a half size loss before it reached my stop.
ADAUSDT (Cardano)
To (more than) make up for the loss on Bitcoin, I scaled the final portion of the ADA trade.
That trade has performed incredibly well since the initial triangle breakout and it was time to bid farewell to Mr Charles Hoskinson and take profits off the table.
The Dollar Index (DXY)
Our standard FOMC trade setup with the V shaped pattern didn’t occur this FOMC. However, given our macro bullish bias, I did have a go buying at Demand after Powell had finished speaking. Unfortunately, that trade was stopped the following morning.
This may have been a case of bad timing as the Dollar has reached a very key level (in purple on the chart below) - more about that later in this newsletter.
Full disclosure: I did attempt a further re-entry when the low was breached. This was closed almost at the entry price.
Gold and Silver.
These trades have produced some very nice profits and we have just 25% remaining on all swing entries.
This daily chart shows our Gold entries (in blue) and profit scales (in green). The market almost came back to our 3rd entries (already scaled) breakeven stop, but not quite!
It’s a very similar picture on Silver, and despite the recent volatile moves, both (75% scaled) entries are still in play.
All in all, a bit of “firefighting” last week and I’m never one to candy coat trading. I’ll tell it how it is… triumphs, battle scars and all!
Next up, we’ll look at this weeks analysis for members, including the Dollar Index, EUR/USD, Gold, Silver, S&P 500, Dow 30, WTI Oil, Bitcoin and Tron 👇🏼👇🏼👇🏼