✍️ Weekly Trade Plan & Recap 24th - 29th Mar
Here's why the pullbacks on metals may not be done yet. Plus in-depth analysis on the Dollar Index, EURUSD, Gold, Silver, Copper, WTI Oil, S&P 500, Russell 2000, Bitcoin and Ripple.
Last Week
After some very profitable weeks, last week gave two losing trades. One was a Dollar Index short and the other was a Cardano (ADA/USDT) long.
It wasn’t all bad though, as we scaled further profit on our two Silver swing longs.
Dollar Index Short
The Dollar Index short started plummeting from Daily Supply as J. Powell gave his FOMC press conference. It was all looking good!
Unfortunately, the next morning, the Swiss National Bank announced a surprise 0.25% rate cut and that turned the Dollar right around!
What could I have done better with this trade?
The first thing I could have done better was wait until the FOMC press conference.
Rather than entering short at minor Supply with a stop above Daily Supply, had I waited until FOMC, I would have got a much better entry and some bearish price action too.
Secondly, notice the Price Pivot Zone at 103.17 (blue line). That acted as support and in glorious hindsight, I could have scaled some partial profit there and moved the stoploss to breakeven.
Too many traders mourn their losses, some hide losses because of ego. I prefer to analyse them. There is always room for improvement, no matter how experienced you are.
Cardano (ADA/USDT)
These type of crypto triangle setups have paid us again and again, so it was no surprise that I had a go at an ADA long when I saw this triangle and the large rejection wick.
Some of you may be asking, why buy into Weekly Supply?
Well, the market had already rejected from Supply and made a large rejection wick = bullish. Following that, price had compressed into a triangle. We usually get a continuation breakout through Supply when price does this.
However, the market had other ideas and at the time, Bitcoin was dropping. This had an overall negative effect on the entire crypto market.
Silver
Silver put in a very bearish structure into Supply on Thursday when the Swiss National Bank cut their base rate.
This indicated to me that a drop to 23.85 was possible, so I took the opportunity to scale a further 15% profit on swing longs that were initiated at 21.54 in October and 22.53 in February. We now have just 10% remaining on longs in the market.
We’ll talk more about Silver, Gold and Copper in the members section.
Next up for members is the analysis for this week. A lot has happened in the space of a week, so we’ll see if the recent moves have affected our long-term directional bias on the Dollar Index, Gold, Silver, Copper, WTI Oil, S&P 500, the Russell 2000 and Ripple. We also have very extensive analysis on Bitcoin. 👇🏼👇🏼👇🏼