✍️ Weekly Trade Plan & Recap 21st - 26th Apr
Our Copper trade starts to outshine Gold and Silver! Plus analysis for the Dollar Index, EUR/USD, Gold, Silver, Copper, S&P 500, WTI Oil, Bitcoin, Binance Coin and Cardano
Last Week
WTI Oil Observations
Last week was a good reminder the technical charts will often trump the fundamentals.
After last weekend’s Iranian drone and missile attack on Israel, Twitter speculators were certain there would be a big move up in Oil.
However, I made a comment on Monday morning, noting Friday’s gains had been reversed and with a path (purple line) as to where Oil could go:
Even with an asset as volatile as Oil (and a Middle East situation just as volatile!), note after testing the white Price Pivot Zone, how the market spiked into the red support line which then became resistance. It then dropped once again to the Price Pivot Zone below.
S&P 500 and EUR/USD Trades
I took a breakeven and a loss on the S&P and a win on the EUR/USD.
The S&P loss was a simple break of structure, looking to reach the next Price Pivot Zone.
Here’s the original chart before the break of structure and I entered after the break:
Unfortunately, the S&P had other ideas and spiked out my stop first!
After the stop-out, I was quite happy to be out of the trade as the market then spent the next 24 hours grinding away in that range!
Of note, is the blue support level that did eventually become resistance - I was just too early on this one!
A win on the EUR/USD
This was a short trade at a key level that we had previously marked. As it says on the post, I entered a bit early on this one, but wanted it to coincide with the London Open.
Sometimes, when I think the market may spike, I’ll use an emergency stop a good distance away (and tighten it later), which is what I have done here.
When the market reached the white Price Pivot Zone, I held the trade for a little bit more and then scaled 50% profit. My “Spidey sense” was telling me something wasn’t quite right.
… that intuitive feeling was further amplified when the market printed a small “V” shaped reversal just before the lows.
I closed the remainder of the trade for a profit.
That turned out to be the correct thing to do as the market closed at the centre of the range on Friday night.
Copper
We can’t finish last week’s review without an honorary mention for our Copper swing trade. For the original public trade call (members got it earlier) see here:
After scaling 50% profit at 4.2480, I mentioned in last week’s newsletter that we would watch structure to confirm whether to hold or scale further profit.
There was no bearish turn in structure - in fact Copper rocketed ahead of Gold and Silver last week… so we continue to hold the remaining 50%.
Further details and our next target in the member’s section of this newsletter.
Next up for members, grab a coffee as we look at this weeks analysis for the Dollar Index, EUR/USD, Gold, Silver, Copper, S&P 500, WTI Oil, Bitcoin, Binance Coin and Cardano. 👇🏼👇🏼👇🏼