✍️ Weekly Trade Plan & Recap 28th Apr - 3rd May
The latest outlook for Gold, Silver and Copper. Plus weekly analysis for the DXY, EURUSD, Copper, S&P 500, WTI Oil, Bitcoin and Ethereum.
Last Week
It was a mixed week for our shorter term trades with a loss on a S&P long (unlucky on that one as the direction was spot on!) a positive scratch on a Gold short and then a further win on a Gold short.
It’s a good example of how we can day trade Metals short, while still holding onto our (scaled) swing long positions.
Below is the first attempt at a Gold short at one of our pre-determined levels published to members last week.
However… notice how a Bull Channel started to form. This gave a warning to close the trade for a small profit.
That turned out to be the right thing to do as the market gravitated higher.
Then on Friday, we got another signal to short Gold at 2346 when the market spiked into resistance and just below our Supply zone.
We shorted the market with a stop safely above Supply.
Gold dropped nicely and we scaled a quick 50% profit at 2333 ahead of the original Target. Now we will hold the remainder of the trade over the weekend with a breakeven stop.
I advise using guaranteed stops for weekend holds (if your broker offers them) to avoid any nasty shocks if the market should gap against us on the open.
Swing longs and Day trade shorts at the same time?
If you can get your head around it, we are still holding 10% of our original Gold and Silver swing longs from last year while trading lower timeframe shorts!
Additionally, our Copper swing long (below) continues to push higher after scaling 50% profit at T1. For the original trade call (members got it earlier) see here and for further targets see the members section.
It’s important to realise, Gold, Silver and Copper higher timeframes remain bullish until structure turns, however as noted in last week’s newsletter, Gold and Silver have hit key resistance levels and given some negative signs. Therefore we we can start to take day trade/lower timeframe shorts at good levels, while still holding on to remaining swing positions.
Also, on the swing side of things, we initiated a EUR/USD swing short. This one sailed very close to our stoploss, but on Friday we got a nice reversal and now we’re starting to see some profit. More about this in the member’s section.
Next up for members, we’ll do a full analysis for the Dollar Index, EUR/USD, Gold, Silver, Copper, S&P 500, WTI Oil, Bitcoin and Ethereum. If you’re invested in precious metals, you won’t want to miss this timely analysis! 👇🏼👇🏼👇🏼
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