Weekly Trade Plan for 6/20-24 - Coin flipped
With an outlook on Crypto and Housing
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Last week’s trading plan was two-fold:
If the price action for indices and metals leading into the planned volatility event is extreme, fade it into the Fed decision and then wait for confirmation on whether it continues. Price action was extreme with a big drop from Sunday night into Monday and then Tuesday popping upwards on Wednesday.✅ If you were with me on my live Twitch stream trading https://www.twitch.tv/cordovatrades you saw me take profit near the highs on the hourly 🍸line Wednesday after the Fed decision.💰
Short pops in oil and oil equities. I was high conviction this past week at 4🍸:
“While crude oil may go higher, I continue to believe that we are near an interim top for energy stocks, so I will be selling pops in the near term.”
The short was my most profitable trade of the week in my trading and investment accounts.💰💰💰
Here is the hourly chart we traded from with my levels and lines from the week:
Summary of Market Action Last Week:
$ES/S&P 500 Futures, $NQ/Nasdaq futures and $RTY/Small caps futures closed down considerably again. 🩸 $RTY was the weakest of the 3 majors continuing to fall from from the daily bear flag it broke from and settled just above my weekly support given of 1661.1.🎯 $ES closed below its lower channel line 😱, while $NQ finished Friday inside of its channel but looking pekid.🤒
Precious metals traded with a lot of volatility and closed red, but losses on the week continued to demonstrate relative strength to the overall market. $GDX (gold miners), however, did not hold up as a hedge and showed weakness in line with the indices.
$CL/Crude Oil futures finally flushed this week and took down late bulls and those who followed the errant advice blaring from mainstream media to buy oil equities at inflated values.
Here’s how the week closed out: