Trading Watchlist:
1. BIDU – close active BIDU trade as soon as possible:
2. BTC – is still rising, hitting new all time highs ($99,500).
3. LTC – analysed.
4. MARA – analysed.
5. WBA – looks almost ready to rally so keep a close eye on this stock everyday.
6. WMT – still rallying (surprised).
7. SFM – as per above, analysed.
8. AXP – as per above, analysed.
9. COST – as per above, analysed.
10. UAL – as per above, analysed.
11. JETS – as per above, analysed.
12. UVXY – analysed.
13. CMG – going long CMG is another way of going long SFM, AXP, COST, UAL, JETS, UAL, and WMT. Let’s see how this all plays out.
14. DG – analysed.
15. US10Y – analysed: sideways movement.
16. XAUUSD – analysed.
17. NATGAS – analysed.
18. UNG – analysed. It would be better to trade BOIL (sufficiently volatile) in order to take advantage of NATGAS’s price action movement.
19. BOIL – analysed.
20. PALL – analysed.
21. SOXX – analysed: ranging.
22. MU – analysed.
23. LIT – analysed: ranging.
24. TIGR – analysed.
25. USOIL – analysed: consolidating.
26. X – analysed: ranging.
27. RUT – analysed.
28. QQQ – analysed: bullish price action.
29. FDX – analysed.
Learning Point
- BIDU – when carrying out my BIDU trade, the current price action movement confirms that I placed my stop-loss in a good positions. This is because it avoided where the inexperienced traders where most likely to place their stop-losses. As a result, my stop-loss was not triggered so now I can exit the trade sustaining only a small loss.
- The daily timeframe is very effective at ascertain the most likely direction of where the price action is likely to go in the short-term, as the price moves between the major support and resistance levels.
Next Action
- Close active BIDU trade as soon as possible.
- Update trading spreadsheet with latest losing trades.
