Time For Some Weed?

StatsEdgeTrading

Trading Plan Course Launch

First off, I'm thrilled to announce the launch of our trading plan course over at statsedtrading.com. This 20-lesson course is designed to help traders manage emotions and develop a clear trading strategy. It includes video lessons, a written guide, and a fillable PDF to help you craft your personal trading plan. I've poured a lot of effort into this course, and I believe it can be a game-changer for many traders. (HERE)

Bitcoin Watch

Turning our attention to Bitcoin, we've seen a significant uptick in its value. However, a Doji star pattern on the chart signals potential reversal points, necessitating a cautious approach. Additionally, Commitment of Traders data for Bitcoin futures shows a heavy lean towards long positions, suggesting a crowded trade that could be ripe for a pullback.

Gold and Silver Analysis

Gold has recently attempted to break its all-time high but seems a bit overextended. A period of consolidation could be bullish, setting the stage for further gains. Silver, while still lagging behind gold, could catch up if the precious metals rally continues.

The Dollar Index and Currency Moves

The Dollar Index (DXY) remains stuck in a range, showing an inside week with little movement. This stagnation in the dollar affects various currency pairs, making it crucial to monitor for potential shifts that could impact trading strategies.

Trade Ideas and Market Sentiment

I use Trade Ideas for stock analysis, which is currently offering a significant discount. Looking at the S&P 500 ($SPY), we notice two consecutive Doji patterns, indicating indecision in the market. This pattern suggests a potential for either a pullback or continued sideways movement until a clearer direction is established.

Spotlight on MSOS 0.00%↑

The marijuana ETF (MSOS) shows signs of forming a cup and handle pattern, hinting at a possible breakout. This sector has been in a consolidation phase, and a move higher could present a lucrative opportunity.

A Closer Look at UNG

I've taken a speculative position in UNG, the natural gas ETF, based on its relative strength and the possibility of a short squeeze. While acknowledging the risk of this trade, the potential reward could outweigh the losses if the market moves in our favor.

Final Thoughts

As we wrap up, I encourage you to visit statsedgetrading.com to explore the trading plan course and sign up for our email list. Remember, trading involves risk, and it's essential to approach the market with a well-thought-out plan and a clear head.

Thank you for joining me this week. Remember to step away from the screens and recharge. See you next week for more market insights and trade ideas.