Trading Watchlist:
1. DG – submit a long DG entry (in relation to the daily timeframe) to trade a possible January price action pop:
2. UAL – analysed.
3. AXP – analysed.
4. BIDU – analysed.
5. TIGR – cancel TIGR limit order as the stock has not moved higher as expected:
6. FDX – analysed.
7. CMG – the price action has now reached a major support area on the daily timeframe:
Therefore, I would expect the price action to return to the entry level before resuming its decline. So, this trade now provides me with two options… (1) take immediate profits now and look to re-enter when the price action retraces, or (2) because there is no guarantee that the price action will completely pull back, wait patiently for the trade to play out. Let me see what RUT’s is doing before I make a decision.
8. RUT – the price action of the RUT is declining on the daily timeframe so definitely hold on to the CMG short for now:
9. QQQ – analysed.
10. BIIB – analysed.
11. UVXY – analysed.
12. SOXX – still ranging.
13. WBA – analysed.
14. US10Y – analysed.
15. US10 – analysed.
16. DXY – analysed.
17. INTC – submit a long trade to take advantage of a possible January price action pop:
Learning Points
- TIGR – It was a great move to not submit an entry but, rather, to wait for the price action to confirm a possible upward movement: I submitted a higher priced limit order to capture any sudden upside move. However, subsequently, the price action declined instead. My limit order and patience, therefore, had prevented me from sustaining an unnecessary small loss.
- CMG – reminded me of the importance of carrying out intermarket analysis (RUT) before making a trading decision about when best to enter or exit any position or opportunity.
Next Action
- Submit a DG long entry in regard to the daily timeframe as soon as possible.
- Cancel pending TIGR limit order.
- Submit a INTC long entry in regard to the daily timeframe as soon as possible.
- Watch Gareth Soloway’s latest trading video.
