✍️ Weekly Trade Plan & Recap 22nd - 26th Jan
How to pick the exact low on the S&P, plus... an important dollar level that could signal a bear move and market analysis for metals and Bitcoin.
I have to admit, last week was tricky with day trade losses on Gold and a scratch on the S&P 500.
As any experienced trader will tell you, keeping a calm head in these circumstances is crucial.
So, unfazed, we managed to turn our fortune around by picking almost the exact low of the week on the S&P 500 and rode it to 4800.
You can see what made 4722 such a great level by looking at a more compressed view of the hourly chart (below). Notice the circled areas at the Price Pivot Zone (PPZ) and how the market has reacted at the zone before. Also observer those three highs in the centre circled area that form part of the PPZ.
One other important point to notice here…
As the trade gets underway, notice how the structure changes and despite the naturally choppier action on a 5 minute chart, the market starts making higher highs and lower highs.
The market will always throw the odd curveball as noted on the chart, but generally this is a good indicator of direction and that the trade is going our way.
Also worthy of a mention is our Santa Rally prediction which came true on Friday when the old swing high of 4820 was exceeded late in the NY session. More on this and what could happen next, later in this newsletter.
If you enjoyed this taster of the newsletter, consider subscribing for less than the price of a Starbucks coffee per week. For paid members, we’ll look at analysis for the Dollar Index, Gold, Silver, Copper, S&P 500, Russell 2000, Bitcoin and WOO/USDT next. 👇🏼👇🏼👇🏼