Spencer is an avid globetrotter who achieved financial freedom in his 20s, while trading & teaching across 70+ countries. As a former professional trader in private equity and proprietary funds, he has over 15 years of market experience, and has been featured on more than 20 occasions in the media.
Spencer is an avid globetrotter who achieved financial freedom in his 20s, while trading & teaching across 70+ countries. As a former professional trader in private equity and proprietary funds, he has over 15 years of market experience, and has been featured on more than 20 occasions in the media.
Welcome back, it’s been an exciting week, especially for Crypto! ?
There were a lot of good trading opportunities across the 3 main markets, and for this week a lot of the action was focused on the Crypto markets.
This is the reason why we cover a broad range of markets, so that we can focus our attention (and capital) on whichever market currently gives the best returns.
On the forex front we saw Gold strengthening due to inflation fears, and speculation of deflationary action also caused the USD to strengthen.
The GBP and EUR were weakening, so many of crosses against these pairs had decent price moves.
Stock Market Highlights
The stock markets had a slight correction this week (which I predicted in last week’s market wrap), so it was a good thing we had reduced our positions prior to the correction.
Some stocks had pretty bad earnings, which led to huge price declines.
I will be watching this coming week to see if the correction has more legs, or whether it is coming to an end, so that we can buy back in.
Since the crypto market moves very fast, you need to be quick to enter breakouts, and these breakouts can also run up very quickly, for example 10-20% in just a single day.
This is great because the capital can be quickly recycled to enter new trading positions, once the target profit is hit.
Spencer is an avid globetrotter who achieved financial freedom in his 20s, while trading & teaching across 70+ countries. As a former professional trader in private equity and proprietary funds, he has over 15 years of market experience, and has been featured on more than 20 occasions in the media.
In this week’s market wrap, there have been some epic moves in stocks due to earnings season, hence there were a lot of signals for stocks.
Crypto was mostly quiet last week, while building up steam to break out this week, so we had to be more precise in taking very short-term trades.
This is the reason why we cover a broad range of markets, so that we can focus our attention (and capital) on whichever market currently gives the best returns.
Overall, earnings were good, hence the major stock indices were bullish, and many stocks were making new ATHs (all-time highs).
Some of the most exciting trades were Zillow (Z), which we bought on a false breakout, and got stopped out the next day. The next day, it plunged 25%, thus you can see why the stoploss is important in trading.
We also shorted Moderna (MRNA), which gave a windfall profit when it plunged 30% in a few days.
Crypto Market Highlights
The crypto markets were quite a mixed bag, with BTC and ETH staying quite, while many Alt coins started breaking new highs.
Since the coins could break out at any time, we set up alerts for all of them, so we would not miss the action.
Spencer is an avid globetrotter who achieved financial freedom in his 20s, while trading & teaching across 70+ countries. As a former professional trader in private equity and proprietary funds, he has over 15 years of market experience, and has been featured on more than 20 occasions in the media.
In this week’s market wrap, we will go through the forex market, stock market, and cryptocurrencies, to review major events and trading signals, and look for upcoming trading opportunities.
The forex market was pretty uneventful, but we still got a few trading signals:
AUD/CHF: breakout from inverse head-and-shoulders pattern
EUR/GBP: breaking new lows
XAG/USD (Silver): Potential short near top of range
AUDJPY: Uptrend resume after BO + PB
CADJPY: Breakout + PB
EURNZD: Break new lows
AUDUSD: Uptrend resumes after BO + PB
CHFJPY: Break new highs!
GBPUSD: Possible Type 2 swing setup (short)
Stock Market Highlights
There was a bit of a disjoint in the stock market, with a few huge stocks pushing the market up, while the bulk of the market is down.
This divergence in market breadth is not a good sign, but as long as the overall main indices are still bullish, I will continue to hold my positions in them, while taking strategic short/medium-term swing trades in individual stocks.
Facebook has decide to change their name to Meta to reflect their new direction of building towards the Metaverse, so FAANG is now MANGA. ?
This gave a good boost to Metaverse-related tokens in the crypto market, unfortunately Facebook stock still seems pretty languid.
China stocks ETFs: Prices falling from top of range?
TWTR: Breaking out of consolidation?
GOOG: New ATHs!
MRNA: Potential double top breakout
V: Break new lows
Z: Potential range bullish breakout (+5% profit the very next day!)
SBUX: Break H&S neckline (bearish)
F: PB buying opportunity?
TSLA: New ATHs!
UBER: Break prior swing low
NET: New ATHs! (up almost 50% since first buy call)
Crypto Market Highlights
Earlier in the week, we saw multiple breakouts and sharp runs of Alt coins and DeFi tokens, which corrected after running into resistance, then later in the week we saw the same pattern for Metaverse and NFT-related gaming tokens.
If you ride the wave well and rotate accordingly, this actually provides insane returns of easily 50-200% in just one week. Not sure how long it can last, but enjoy it while it lasts.
One of the highlights earlier in the week was Shiba Inu Coin (SHIB), which lay dormant for a long time before breaking out and shooting vertically upwards. ?
Spencer is an avid globetrotter who achieved financial freedom in his 20s, while trading & teaching across 70+ countries. As a former professional trader in private equity and proprietary funds, he has over 15 years of market experience, and has been featured on more than 20 occasions in the media.
