Trading Watchlist:
1. SOLUSDT
exit SOLUSDT long trade immediately for the following reasons:
(1) I have been monitoring BTC’s price action the entire weekend;
(2) BTC’s short-term price rally now appears to be stalling (see chart below);
(3) SOLUSDT has already rallied by about 10%, so there is a high likelihood that the price action will pull back to my second entry level;
(4) the broader market is still at risk of experiencing a strong decline, so I will be looking to exit many of my other long positions to reduce my risk, and wait for the market to decide what it actually wants to do; and
(5) if the price action pulls back as anticipated that will present me with another opportunity to enter a long trade, however, this time I will have a better sense of what the overall market wants to do.
2. BTC
3. DG – analysed.
4. WOLF – analysed.
5. NATGAS – analysed.
6. FFIV – analysed.
7. SAP – consider adding additional capital to SAP short as soon as we get a better idea what the broader market most likely wants to do.
8. HOOD
Take full profits out of HOOD as soon as possible, as it is highly unlikely that the QQQ will continue to rally strongly to the upside.
I am expecting a significant pull back to follow in due course.
Let’s see how this plays out.
9. QQQ
Take full profits out of the QQQ long trade as I am expecting the broader markets, overall, to continue their strong decline at some point (in accordance with their monthly timeframes).
10. IWM
Similar to the QQQ, the price action of RUT also looks like it is going to hit significant selling pressure (bearish Ichimoku cloud on the daily timeframe).
Therefore, it makes sense to take full profits out of the long trade now in order to give the markets more time to settle or become more predictable.
11. WOLF
Take the opportunity to close the 2nd WOLF entry, as there is still a good chance that the price action will pull back to the lower range of the parallel channel again, but (this time) possibly fall below.
If this was to happen, it will unnecessarily drag down the profits of the overall long trade.
I have waited patiently (weeks) for the price action to get to this point where I can close the additional entry trade in profit – so now it is time to pull the trigger (execute).
12. UVXY
Closely monitor UVXY today on the 1 hour timeframe, as inter-market analysis indicates (a likely broader market decline) that there may be a great opportunity to go long.
At 4.44pm, I started to scale into a UVXY long for the following reasons:
(1) the broader market price rallies appear to be stalling on the 1 hour timeframe, and looks ready to roll over, and
(2) the Stochastic RSI on the 1 hour time frame has reached the oversold area, and backtesting reveals that it tends to be a great indicator to determine with UVXY will change direction:
13. UAL – monitor UAL closely to consider scaling into a short position in due course.
14. JETS – monitor JETS closely to consider scaling into a short position in due course.
Learning Point
- Today, I really appreciated the extreme advantage of carrying out a detailed inter-market analysis on the weekend (Weekly Wrap Up)
This is because it allowed me to be thoroughly prepared to take advantage of the markets when they re-open.
And better interpret the significance of the pre-market price action movements, concerning my current active trading positions.
Next Action
- Exit HOOD with full profits immediately.
- Exit IWM with full profits immediately.
- Exit SOLUSDT with full profits immediately (Bitget).
- Exit my second WOLF entry immediately in partial profit to reduce the risk of my overall trade.
- Exit QQQ with full profits immediately.
- Update trading spreadsheet with the latest winning and losing trades.
- Monitor UVXY closely on its 1 hour timeframe.
- Closely monitor UAL for a possible short entry.
- Closely monitor JETS for a possible short entry.
- Closely monitor SAP for a possible short entry.
- Start scaling into a UVXY long immediately.
- Watch “Verified Game Plan”.
- Watch “Trading the Close”.
