✍️Weekly Trade Plan & Recap 8th - 13th June
Another Copper winner nailed! 🎯 Plus regular analysis for the Dollar Index, EUR/USD, Gold, Silver, S&P 500 and Bitcoin.
We have a habit of calling good swing trades on Copper.
Regular readers may remember the Copper trade called in the December 2024 newsletter.
More recently, our Copper trade called in May netted a decent profit last week…
The chart below shows the long setup from 4.6840, published in the Substack chat on May 13th.
We were waiting for a perfect entry (hence my comment about “dithering”) and in the end, I just pulled the trigger with a decent sized swing stop. The initial target was the magic $5 figure, which was also fresh Supply and would be the closure of a price gap.
After Trump announced tariffs on Steel and Aluminium last weekend, both Gold and Copper gapped up on the Sunday night open.
I had already missed the $5 target once before, so was determined to scale some profit this time and we took 50% off at 4.8888.
It’s always wise to take some profit after a fast pump because the market will often retrace the move. That’s exactly what happened below and you can see it pulled back to my Price Pivot Zone (white line). We stuck with the remainder of the trade and took another 25% profit at 5.04.
Now, we hold just 25% of the original trade and we’ll see where that takes us.
I cannot stress enough, the importance of looking at higher timeframes. It cuts out a lot of the noise and this setup was no different.
If we look at the daily chart, it’s clear the move started from daily Demand and ended at daily Supply.
The market broke up through the red trendline, pulled back to retest the range and then continued to stairstep up to Supply and fill the gap. Simple really! ;)
We’ll cover the remainder of last week’s trades (both wins and losses) later in this newsletter. Overall it was a positive week.
Up next for members, our weekly analysis for the Dollar Index, EUR/USD, Gold, Silver, Copper, S&P 500 and Bitcoin…