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Trade Plan for 12/5-12/9
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Trade Plan for 12/5-12/9

Winter wonderland with pivots for polar bears

Julia Cordova✨'s avatar
Julia Cordova✨
Dec 04, 2022
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Trade Plan for 12/5-12/9
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Follow @CordovaTrades✨ and collaborator @SLMacro on Twitter and please share if you find our work valuable.

Last week I once again kept the same slight bullish bias for the market with a bull/bear ‘key pivot’ of 3948.25.  The hourly never closed below and it was a nice place to buy the dip.

I also identified a diamond consolidation on the hourly which is generally a choppy inflection point.  The midline of the diamond was backtested Friday afternoon and I traded long into this backtest live in the Moneymaker Discord.

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Julia Cordova✨ @CordovaTrades
And $ES just backtested the midline on that diamond @ 4084. I think it's the nearterm level to watch small timeframe.
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Julia Cordova✨ @CordovaTrades
Possible Diamond ♦️ consolidation for $ES and $NQ on the hourly. Chop chop
8:39 PM ∙ Dec 2, 2022
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I was more decisively bullish for the week on precious metals and miners.  $GDX hit my 29.80 target given weeks ago this past week.

I was bearish on both oil and oil stocks, so that was a bit of a mixed bag.  I closed the remainder of my oil puts early in the week, but did scalp short on $CL/crude oil futures.  I have been trading around a core short $XOP position for a few weeks now.

This week @SLMacro discusses volatility and how extreme price movements often cluster and are typical of a correction or bear market.

Summary of Market Action Last Week:

  • The indices were highly volatile last week.  Wednesday’s Powell speech triggered a massive short squeeze, before a consolidation day on Thursday.  Friday morning’s jobs data sent stocks back down, but the dip was bought.  $NQ/Nasdaq futures led the upward momentum.

  • $GDX (gold miners) outperformed the indices once again, but has thus far rejected from its weekly 50MA.  $SI/silver futures and $GC/gold futures both show impressive gains this week.

  • $CL/Crude Oil futures made both a higher high and lower low and managed to almost make up for last week’s loss at settlement.  $XOP/oil equities declined for the week. 

Here’s how the week closed out:

For the week ahead (12/5 - 12/09/22)

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