Trading Watchlist
1. QQQ
The price action has now broke through the central line on the parallel channel. Therefore, this now increases the odds that the price action will decline strongly when it hits the approaching resistance level – especially as the lagging span is not free and clear to rise due to the presence of a Kumo Cloud.
Also, this price action movement has probably now caused my HOOD trade to have hit my stop-loss?
2. HOOD – (analysed) surprisingly, the price action of HOOD has not hit my stop-loss so my short trade is still active.
3. SPY – similar to the QQQ, SPY is rising but its lagging span is also not free and clear to rally to the upside. This increases the odds that there will be a broader market decline in the very near future.
4. RUT – RUT’s price is totally mimicking that of the QQQ and SPY.
5. US10Y – surprisingly, the US10Y is continuing to fall into its declining parallel channel:
If it continues to do so, then this will potentially cause the overall broader market to keep on rising.
Let’s see how this all plays out because there is nothing to say that they cannot both fall together for a short period of time, or?
6. UVXY – UVXY’s declining price action is revealing that the overall broader market is still rising.
The question is should I start scaling into a long position because I am expecting the broader market to start declining in the short-term?
On further reflection, it is better to wait until tomorrow.
This is because there is a high probability that the markets will continue rising to the next major resistance level on the daily timeframe.
Therefore, I should just wait patiently for the price action to get there before considering the UVXY long trade.
7. BTC
Seriously consider entering a long Altcoin trade as BTC is highly likely to rise in price tomorrow or later tonight.
8. PEPEUSDT
In light of BTC, start scaling into a PEPEUSDT long trade as soon as possible.
Learning Points
- I re-acknowledged today that I have the ability to trade crypto along side the main financial markets, which provides me with additional trading opportunities.
Next Action
- Closely monitor the price action of the broader market tomorrow for a potential UVXY long trade.
- Start scaling into a PEPEUSDT long trade as soon as possible.
