✍️ Weekly Trade Plan & Recap 3rd - 8th Mar
How we nailed winners on Silver, Bitcoin and Injective (INJ/USDT) and avoided getting slaughtered with the Bitcoin lambs. Plus weekly analysis for the Dollar, Euro, Gold, Silver, Copper, WTI Oil, S&P.
Last Week
We had a fantastic week with wins on Silver, Bitcoin and Injective (INJ/USDT).
As I’ve said before, trading is not always as smooth as this, so we’ll make hay while the sun shines! ☀️
Silver
This is the Silver plan published in last week’s newsletter. We were looking for a change in structure to go long.
During the week, the first attempt to buy Silver was scratched for a small loss and then we made a re-entry the following day, as shown on the chart below:
It’s always a good idea to cash out some profit on a Friday, so here’s where we scaled 50% and 25% of the position, at 22.97 and 23.24 respectively, just ahead of the original target.
As the well know trader saying goes “don’t be a dick for a few ticks” 😊, and yes, I would rather take a profit after a pump than risk a big retrace and not make those last few ticks.
We continue to hold 25% of the remaining position as a swing trade and that joins October’s (scaled) swing trade from 21.54.
We did pretty well on the Cryptos last week, catching a major pump on Bitcoin and a profitable trade on Injective. Here’s the simple strategy for Bitcoin and how it played out:
Bitcoin
On Bitcoin, we were looking for a pump out of this triangle.
The market had already tested Supply (which was getting weaker as price closed in on it) and we were expecting an explosive move up.
Here’s the 1 hour chart showing my original call and the first target - the top of Supply.
Then we moved to the weekly chart for a second target which happened to be the next major Supply zone.
The market pumped fast, so we scaled the first 50% a little before the first target, which also more than made up for a small loss on my first attempt at a Silver long.
I really didn’t expect Bitcoin to moonrocket so quickly to target two, but was happy it did so!
Here’s exactly the point in the Substack chat where the final target was met.
When the market hits a weekly Supply zone on Bitcoin, it’s a very good idea to sit up and take notice. Amateur traders engrossed in their 5 minute charts didn’t notice this major Supply zone, but we had it on our charts for months!
It’s a useful lesson to be aware of all timeframes, and here’s what happened next! …
Bitcoin whipsawed from weekly Supply, tested the top of old Supply as support, Twitter cried "foul!" and Coinbase went down.
Moral of the story: Always be aware of what’s happening on higher timeframes.
Injective (INJ/USDT)
Injective was another very easy triangle setup that I published two weeks ago. Here’s the original setup on the daily - we were looking for a first target of the prior high.
And here’s how Injective looks now with 50% of the original position scaled and the stoploss set to breakeven.
It just goes to show that patience pays and the market rewards those who are prepared to wait.
Next, I will cover the weekly analysis for members and we’ll look at the Dollar Index, EUR/USD, EUR/JPY, Gold, Silver, Copper, WTI Oil, the S&P 500 and Bitcoin 👇🏼👇🏼👇🏼