Trading Watchlist:
1. USOIL – analysed.
2. UCO
Take profits from USOIL / UCO trade, as USOIL has hit key support level on the daily timeframe. This may cause the price action to rally before continuing its decline.
3. UAL – analysed.
4. HOOD
Submit an additional short entry for HOOD, as soon as possible, because the price action has moved slightly higher as anticipated.
5. WOLF – analysed.
6. SOUN
I decided to take 50% profit out of SOUN trade because the price action moved as anticipated. However, currently, there is a still a strong bullish bias. If the price action continues to rise, then I would have lost the opportunity to take some profits out of the trade. So, I decided to play it safe this time round as I am practicing taking profits quicker and being more in tune with the market patterns. I still have 50% of my position in play in case I am incorrect.
7. PALL – analysed.
8. JETS – analysed.
9. TSM – analysed.
10. QQQ – analysed: wait paitently for the price action to return to your second entry level then exit this trade as soon as possible because it in a horrible position within the parallel channel.
11. MRNA
Because the price action has moved more than 20+ %, I have decided to take at least 50% profits as I would expect the price action to, naturally, pullback substantially.
12. CMG – analysed.
13. BIIB – analysed.
14. INTC – analysed: keep a close eye on this stock.
15. UVXY – analysed.
16. US10Y – analysed.
17. WBA – analysed.
18. BIDU – keep a close eye on this stock in terms of taking profit at the up and coming resistance level on the daily timeframe.
19. TIGR – analysed.
20. DG – keep a close eye on DG in order to take profits as soon as possible.
Learning Points
- Unfortunately, I entered the USOIL / UCO trade with the smallest amount of capital possible; therefore, I was unable to take partial profits. As a result, I took full profits making a mental note that, next time, I will consider submitting an entry with at least twice the minimal amount so that I will always be able to take partial profits in every trade.
- The parallel channel seems to have really revolutionised my trading ability by enabling me to accurately predict the most likely movement of the price action.
Next Action
- Take full profits from UCO trade as soon as possible.
- Consider always making all entries with at least twice the minimal amount of capital possible.
- Submit an additional short entry for HOOD as soon as possible.
- Take 50% profits out of SOUN trade as soon as possible.
- Take 50% profits out of MRNA trade as soon as possible.
- Keep close eye on INTC everyday.
- Consider exiting the QQQ trade as soon as possible because my entries were horrible in relation to the parallel channel.
- Prepare to take partial profits out of BIDU as soon as possible on monday when the markets re-open.
- Prepare to take partial profits out of DG as soon as possible on monday when the markets re-open.
- Watch today’s “Verified Game Plan”.
