Trading Watchlist:
1. AVGO
Start scaling into a AVGO long position as soon as possible (using a limit order), as the price action is now hitting its major support level (as shown above).
2. CMG
Using a limit order, seek to start scaling into a CMG long position. This is because it is also approaching a major technical support level (as shown above).
3. GOOG
Using a limit order, start scaling into a GOOG long position as soon as possible (as shown above).
4. WBA
Exit WBA long position as soon as possible.
This is because the price action did not move as I anticipated; meaning it did not rise when it hit the bottom of its parallel channel.
Instead, it has just continues to move sideways. Even after WBA’s earning report, moreover, the price action has just continued to move erringly sideways without any volatility whatsoever.
This creates a 50/50 scenario with probabilities favouring a downside move in my opinion. Therefore, I have now chosen to exit the trade at a micro loss in order to remove the risk to my capital.
5. SFM
The price action of SFM appears has returned back to the bottom of the parallel channel (the scene of the crime).
This usually results in the price action witnessing further movement to the downside.
As a result, start scaling into a SFM short position as soon as possible.
Let’s see how this plays out.
6. BTC
If the US stock market has a strong relief rally, BTC should rise to about $105,000 (as shown above), where it may be a good opportunity to take sell some BTC.
It may also be a good opportunity to long an Altcoin like Solana.
7. SOLUSDT – analysed.
8. QQQ – analysed.
9. SPY – analysed.
10. RUTS – analysed.
11. UVXY – analysed.
12. GDX – analysed.
13. GFI – analysed.
14. XAUUSD – analysed.
Learning Points
- It is of primary importance to continue being very, very, patient when trading.
Especially, when the price action does not reach my key levels for entry.
That said, today, I learned that I must stop trying to be too clever with my entries once again.
In other words, I have really got to start scaling in better by not becoming to precise with my entry levels.
Instead of having a precise entry level, it will be better to have a 1st entry area zone, then proceed accordingly.
. - Ensuring that I go through my trading watchlist, everyday, will enable me to discover trading opportunities that will not be picked up by others.
. - GDX – GFI – XAUUSD – it is important that I assess GFI in light of the price action of GDX as well as XAUUSD everyday.
Next Actions
- Start using an entry zone instead of a precise entry level for scaling into trades.
- Start scaling into GOOG as soon as possible (using limit order).
- Start scaling into AVGO as soon as possible (using limit order).
- Start scaling into CMG as soon as possible (using limit order).
- Exit WBA long position as soon as possible.
- Start scaling into a SFM short as soon as possible.
- Continue to go through your own trading watchlist everyday to discover trading opportunities.
- Assess GFI trade mainly in light of the price action movement of GDX.
