✍️ Weekly Trade Plan & Recap 7th - 12th Apr
After predicting Gold and Silver bull moves, our Copper prediction came up trumps! Plus in-depth analysis on the Dollar, Euro, Gold, Silver, Copper, S&P 500, Nasdaq and Bitcoin.
Last Week
Last week, we scaled 50% profit from our Copper swing trade. It was the perfect example of how patience pays, as this is one we had held since December last year.
We also profited from a perfectly planned trade on the Nasdaq and a partial win on the S&P 500. These more than compensated for the only loss on WTI Oil.
Let’s take a look at what happened…
Copper
You may remember I posted this trade way back in the 24th December newsletter. It was a simple Bull channel with a spike of the May 2023 low.
For those who missed our mega Gold and Silver trade calls, this was another opportunity to get positioned long in metals.
Fast forward to last week and Copper made a fast pump on Wednesday. It was close enough to target 1 and we scaled 50% profit at 4.24.
The big question is what’s next for Copper? Will it pull back at Supply or simply continue up? We’ll cover that (and more) in the members section.
Nasdaq
The Nasdaq gave the perfect opportunity to get long.
We had already scouted some potential areas to get long in last week’s newsletter and this is the point on the 4 hour chart we got long, after watching the 5 minute timeframe confirm the move.
The key to this trade was good risk management.
Near enough to target 1, we scaled 50% profit and this covered the remaining risk, allowing us to leave the stoploss in place and sit through a pullback with little to no loss if we got stopped.
A further profit scale was taken at minor resistance, with the remainder closed near enough to the target.
S&P 500
We were lucky to get a partial win on the S&P, before the market turned around and dive-bombed!
We had two potential areas for a long day trade, and in this case I entered at the top side of engulfed Supply.
After the market moved to Supply, I scaled 50% profit and moved the stoploss to breakeven.
You’re probably asking why I moved the stop to breakeven in this case and not with the Nasdaq? That comes down to experience and a bit of intuition, but for now, be aware this was a slow channeled retrace of a large down move on the higher timeframes, so we were trading against a higher timeframe bias.
Finally, the market shot down, taking out the remainder of the trade at breakeven.
Was it a fat finger or some news that triggered the event? We don’t know for sure, but in situations like this, it’s important not to get distracted by these events and not to let them alter your trading psychology and state of mind.
Next up, for members only, we’ll look at the technical analysis for this week, covering the Dollar Index, Gold, Silver, Copper, WTI Oil, S&P 500, Russell 2000, Nasdaq, Bitcoin, Binance Coin and Ripple. 👇🏼👇🏼👇🏼