Trading Watchlist:
1. SFM – Close at least 50% of SFM short position, as soon as possible, as the stock has declined astronomically completely beyond my take profit target area:
Consider entering a long position if the price action reaches the major support level on the daily timeframe.
2. UVXY
Take the opportunity to get out of your first UVXY trade entry level (numbered 1) at a profit as it is a bad entry level. The reason is that everyday analysis revealed that the price action of UVXY usually rally’s to the same entry level, then falls, or remains below the entry level for substantial periods of time.
In addition, take full profits on your latest UVXY trade because the price action has moved substantially from this entry level (number 4), increasing the likelihood that there will soon be a significant pull-back to the major support level (entry level number 3).
In light of the above, allow entry level number 3 only to continue to run.
3. BIIB – analysed.
4. BIDU – analysed.
5. UAL – analysed.
6. COST – analysed.
7. JETS – analysed.
8. WOLF – analysed. Monitor the price action of WOLF again before the markets close today.
9. USOIL – analysed.
10. DG – analysed.
11. PALL – analysed.
12. INTC – analysed.
13. NATGAS – (analysed) I am anticipating a strong continued decline in relation to NATGAS, as the price action has returned to the scene of the crime (parallel channel):
I decided to start scaling into a UNG short position (below)
14. UNG – as a result of the above (NATGAS), start scaling into a UNG short position as soon as possible:
15. MRNA – analysed.
16. BTCUSDT – analysed.
17. SPY – analysed.
18. WMT – analysed.
19. CMG – analysed.
20. FDX – analysed.
21. TSM – analysed.
22. SOXX – analysed.
Learning Point
- My latest series of trades appear to be confirming that using “Parallel Channel” on the larger timeframe are generally more than 80% accurate at anticipating the most likely direction of an asset’s price action. That said, they often require a tremendous amount of patience, especially when the price action initially breaks out above the parallel channel.
- The markets are currently in free fall, placing me in tremendous profit at the moment. I take this as confirmation that I am almost, completely, ready to increase the size of my trading account (well done Tom for being extremely patient).
Next Action
- Take 50% profit out of SFM short trade as soon as possible.
- Monitor the price action of WOLF again before the markets close today.
- Start scaling into a UNG short position as soon as possible.
- Take full profits on UVXY entry number 1 as soon as possible.
- Take full profits on UVXY entry number 4 as soon as possible.
- Continue to monitor the markets overall every hour until the markets close.
- Watch today’s “Weekly Market Wrap”.
