Trade Plan for 11/7-11/11
Election Elation or Consternation!
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Last week was extremely volatile with the Wednesday Fed decision and the jobs data on Friday. Because of the anticipated volatility I kept my bias confidence to the minimum and traded within my levels. If you follow me on Twitter, you saw me ‘Buy the Dip’ twice last week from my weekly pivots live in real time. The first time I bought was on Wednesday with a scalp right before the decision. I went long at $ES/SPX futures 3834 (my weekly 🔑 level)🎯 and then sold some right under 3859🎯 (an hourly level of mine shared in Discord):
Then again on Thursday I bought 3711 (another weekly level) with the intention to scale in because I thought a bit more downside was likely. Friday backtested 3711 perfectly🎯.
The low of the week for $NQ/Nasdaq futures was 10636 vs my level of 10631🎯. The low of $RTY/small caps futures was 1758.3 vs my 1760.8🎯. I traded precious metals to the upside and I didn’t actively trade oil aside from some quick scalps.
I also bought $BTC on Thursday night for a scalp. I’ve taken some profit and letting the rest ride to my support level.
This week @SLMacro covers leveraged ETFs and how they should and should not be used.
Summary of Market Action Last Week:
All 3 of the major indices were red for the week. $ES/S&P 500 Futures and $NQ/Nasdaq futures followed similar trajectories with both being down for the first 4 days of the week and then up on Friday. The $RTY/Small caps futures price action was more constructive in the first part of the week, but the Wednesday Fed weakness took it to red and it stayed there despite a green day for all on Friday. $RTY held onto the strength seen in the first part of the week by closing the least negative.
$SI/silver futures and $GC/gold futures advanced this week and in a rare show of relative strength, $GDX (gold miners) closed the week green again despite the indices.
$CL/Crude Oil futures continued its ascent last week closing above its weekly 20MA. $XOP/oil equities progressed higher on the week, showing relative strength to the indices, as opposed to the weakness seen in the prior week when the indices were green.
Here’s how the week closed out:
For the week ahead (11/07 - 11/11/22)