✍️ Weekly Trade Plan & Recap 18th - 23rd Feb
One of the easiest strategies to trade in Crypto. Plus analysis on the Dollar Index, EUR/USD, Gold, Silver, Copper and a long-term target for Bitcoin.
One of the easiest strategies to trade in Crypto is the triangle breakout.
In past newsletters, we’ve seen triangle breakouts on Cardano (ADA/USDT) and Tron (TRX/USDT).
This time it was the turn of Aptos (APT/USDT) and Ape (APE/USDT).
APT/USDT
Below is the first of two very simple setups that I posted in the Substack group.
The key here is to get positioned in the market before the breakout and then take profit on a pump.
You may have noticed the triangle sits at the white Price Pivot Zone which acted as support. That gave an extra heads-up that we were looking for bullish continuation.
Although it’s nice when the market hits a target, there are certain warning signs that will cause me to close a trade earlier.
So, when the market printed an inverted “V” reversal (and a structure change on the lower timeframes), I scaled 50% profit and set the stoploss to breakeven.
That turned out to be the right decision as the market retraced deeply, so good trade management is always crucial with these setups.
APE/USDT
Ape is another example of a Crypto triangle setup that was called live in the Substack group and on Twitter.
As the triangle forms, price compresses into a smaller and smaller range until traded volumes are low. We then position ourselves and wait for the breakout.
Here’s the current Ape chart as of the time of writing…
Anyone can trade triangles, but it also helps to have an expert knowledge of the charts to be able to combine this setup with other principles. That’s where being a member of this group has it’s benefits.
Gold
For weeks I’ve mentioned that Gold could drop to test Demand at 1984 and take out stops that reside below the swing low of 2001 - so it was no surprise that it finally did just that!
Although Substack members were aware of this level for weeks, I also published it to Twitter last week with this chart and comment:
“In my opinion, Gold needs to take out stops and fill the inefficient move before it can head back up”.
When Gold hit the Demand zone, we were looking for longs in the Substack group.
5 minute structure confirmed and I called a long setup as shown below.
We scaled 50% profit near the first resistance level at 2008 (blue and white line) and the stoploss was set to breakeven.
Unfortunately, better than expected PPI data on Friday spiked price to my breakeven stop, otherwise I would still be in the second half of the trade.
Overall (and taking into account a loss on Bitcoin), I had a decent week and we’ll be looking for further opportunities in Gold this week.
Next up is the weekly outlook for the Dollar Index, EUR/USD, Gold, Silver, Copper, S&P, DAX, WTI Oil and a long-term outlook for Bitcoin with price projections! 👇🏼👇🏼👇🏼
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