Trade Plan for 11/21-11/25
Thanksgiving Turkey or TURDucken
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Last week I had a slight bullish bias for the market so while I traded both directions, I live tweeted 2 of my higher confidence trades based on my plan. The first time for a clearly defined *scalp* of $NQ which yielded >50pts with very little risk:
And another long from the $ES weekly 20MA which I highlighted last week in my plan.
It wasn’t rocket science, but it was part of my plan and I took the trade live. $ES reached 3994 early on Friday before backtracking. I took some profits, but am still holding part of that one.
This week @SLMacro looks at whether we can sustain a bounce to close out 2022.
Summary of Market Action Last Week:
All 3 of the major indices traded chop for the week peaking on Tuesday and then closing slightly red. $ES/SPX futures ended in an indecision doji candle. $NQ/Nasdaq futures and $RTY/small caps lost a bit more ground, with $RTY being the weakest of the 3.
$GDX (gold miners) gave back some of the previous week’s gains, but finished strong on Friday. $GC/gold futures and $SI/silver futures also closed red for the week.
$CL/Crude Oil futures careened down this week, but got a save on Friday barely settling above $80. $XOP/oil equities also declined on the week. The weekly candle looks like it held strength relative to the commodity, but it’s still back inside of my breakout zone.
Here’s how the week closed out:
For the week ahead (11/21 - 11/25/22)