Trade Plan for 8/15-8/19
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Last week I was most confident about precious metals and gold miners having a bullish week and outlined it as another (4🍸) trade idea:
I have outlined 6 high confidence actionable (4🍸+) weekly trade biases since the inception of the 🍸 confidence scale in the last week of May and thus far every one of them has worked out.🏆 No one can anticipate price action correctly all of the time, but I’ve been very selective with higher confidence ratings - not forcing anything - and I’m proud of my track record.
Additionally, @SLMacro has profiled several stocks we believe to be long term winners. Here’s our performance from this publication:
We encourage our members to lock profits and have a stress-free hold for these equities. This week he shares a surprising(!) pick.
My plan for the market last week was to fade the initial move (which was down) and then reevaluate at my 4202 resistance. I bought the dip and was long into the 4202 test as per my plan . I then successfully shorted the perfect 4202 backtest on Thursday, but then stopped out of a new short $NQ scalp on Friday morning.
I was also bullish on oil and oil equities last week as I believe crude has been consolidating inside of a large bullflag and it had finally reached the bottom range of my flag channel.✅
Summary of Market Action Last Week:
$ES/S&P 500 Futures, $NQ/Nasdaq futures and $RTY/Small caps futures all broke out above resistances closing green and at the highs of the week. $RTY led the momentum and booked the largest gain.
$GDX (gold miners) finally bounced from the support line it has been consolidating on for several weeks. $GC/gold futures and $SI/silver futures also performed well posting significant gains.
$CL/Crude Oil futures bounced from channel support and $XOP/oil equities expanded on the relative strength we saw last week.
Here’s how the week closed out:
For the week ahead (8/15-8/19/22)