Trade Plan for 8/19-8/23
Jackson Holed the market up or down?
Last week I was optimistic for more upside across the board. For the most part I bought Indices dips intraday with discretionary short scalps using my levels as guides.
On last Friday I closed the $TSLA scale I bought near lows on the previous Monday morning, keeping the original scale I bought (also in profit). You may have seen me share that trade on X as well.
I was most optimistic for precious metals. I continued to hold Silver which I bought near the lows 2 weeks ago. On Thursday I took some profit at resistance near the highs, and then bought it back again on Friday for the breakout. 💰 💁♀️
I took a $CL/crude oil futures long off of an hourly bullflag. The trade went well at first with a breakout, but then overnight on Thursday I stopped out of what I hadn’t closed on.
Summary of Market Action Last Week:
$ES/SPX futures and $NQ/Nasdaq futures closed green every day this week, with $NQ leading the momentum forward. $RTY/small caps took a more roundabout path, but also booked a gain on the week.
$GDX/gold miners showed the most strength this week boosted by big upward moves in $GC/gold futures and $SI/Silver futures.
$CL/Crude Oil futures closed red, hindered by a contract roll gap down, but $XOP/oil equities managed to close green for the second week in a row.
Here’s how last week closed out:
For the week ahead (08/12 - 08/16/24)