Trading Watchlist:
1. UAL
Take partial profits out of UAL trade as soon as possible, as it is has declined faster and greater than usual, and is approaching a major support level (do not be greedy).
2. UVXY – analysed.
3. US10Y – analysed.
4. RUT – analysed.
5. QQQ – analysed.
6. INTC – exit INTC with full profits as soon as possible for the following reasons:
(1) the price action has reached my take profit level (major resistance level) after a violent rally increasing the likelihood that there will be a substantial pullback.
(2) the SOXX is still ranging so INTC’s violent uptrend is less likely to continue due to the overall technology sector not enjoying the same upsurge.
7. BIDU – analysed.
8. SFM – analysed.
9. PALL – analysed.
10. DG – analysed.
11. MRNA – analysed.
12. BIIB – analysed.
13. WOLF – analysed.
14. FFIV – analysed.
15. COST – analysed.
16. USOIL – analysed.
17. UCO – exit UCO long position immediately as USOIL’s price action looks more likely to continue its decline, instead of rallying to the upside:
18. SAP – analysed.
19. GE – analysed.
20. TSM – analysed.
21. BTC – analysed.
22. BTC.D – analysed.
Learning Points
- Reminded of the importance of carrying out intermarket relationship analysis before making any trading exit or entry decisions.
- Reminded of the importance of checking the market everyday (within the 1st hour of the US market re-opening).
Next Action
- Take partial profits out of UAL trade as soon as possible, as the price action is approaching a major support level on the daily timeframe.
- Exit INTC position with full profits as soon as possible, as the price action has reached the next major resistance level on the daily timeframe.
- Exit UCO long trade as soon as possible, as probabilities favour a continued USOIL decline.
- Watch today’s “Trading the Close”.
