Trading Watchlist:
1. MRNA
Continue to keep a close eye on MRNA today in order to exit the trade.
2. RUTS – analysed:
As can be seen above, RUTS’ price action appears to have hit a major support area.
An area where the weekly timeframe support level meets a longer term diagonal trendline and the lower level of a parallel channel.
As a result, there should be a high probability of the price action rallying hard from this point. Therefore, seek to go long the RUTS exchange traded fund (IWM) as soon as possible:
3. IWM
4. SMCI
The price actiion of SMCI has now reached my desired entry level.
This is because it is a level where the lower part of the parallel channel crosses a longer term diagonal trendline.
Therefore, start scaling into a long position immediately.
5. UVXY
The price action of the UVXY has reached the top of its parallel channel; therefore, start scaling into the a short position as soon as possible.
Let’s see if we are able to successfully trade the UVXY profitably using parallel channels on the 1 hour timeframe.
Remember to re-assess the trading position every 1 hour or so.
6. GOOG
The price action of GOOG has now returned to the major support level that I missed earlier in the week.
Therefore, start scaling into a long position as the price action has not hit this level several times yet to increase the likelihood that the price action will successfully ram through.
7. QQQ
Start scaling into a QQQ long as soon as possible:
Let’s see how this plays out.
Learning Points
- It is extremely important to not overthink trading in general.
In other words, when a high probability technical trading setup forms, then we must just execute regardless of how we feel emotionally (suffering psychologically from losing trades), or when we are in doubt because we may have been consuming fundamental news.
It really is all about never trying to be too clever at all.
Next Actions
- Keep a close eye on MRNA today in order to exit the trade.
- Start scaling into a SMCI long as soon as possible.
- Start scaling into a IWM long as soon as possible.
- Start scaling into a UVXY short as soon as possible.
- Start scaling into a QQQ long as soon as possible.
