Trading Watchlist:
1. UVXY – missed the opportunity to exit UVXY yesterday with a tremendous amount of profit at the daily timeframe resistance level:
2. QQQ – analysed.
3. RUT – analysed.
4. SOXX – analysed.
5. FFIV – analysed.
6. UAL – analysed.
7. GE – analysed.
8. UCO – analysed.
9. USOIL – analysed.
10. BIDU – analysed.
11. SAP – analysed.
12. INTC – submit a long limit order as soon as possible:
13. JETS – (analysed) still expecting JETS to fall in line with its monthly timeframe trendline.
14. HOOD – analysed.
15. DG – analysed: remember that this is a monthly timeframe trade.
16. QQQ – analysed.
17. WOLF – analysed.
18. BIIB – analysed.
19. MRNA – analysed.
20. RL – analysed.
21. SFM – start scaling into a SFM short position using its parallel channel and limit orders:
22. AXP – close AXP long trade as soon as possible:
23. PALL – analysed.
24. WMT – analysed.
25. TSM – analysed.
26. CMG – analysed.
27. BTC – analysed.
28. SPY – analysed.
Learning Points
- Trading UVXY ultra successfully will mean making sure that I always assess its price action as soon as the markets re-open everyday.
- Hedging my AXP short trade by also going long also has proved to have been a successful strategy. However, it would have been even more effective if I had used its parallel channel to plan when to enter and exit the hedge.
- WMT – I previously submitted a lot of short entries with a low-probability of success because I did not know about the effectiveness of using the parallel channel to assess the price action.
- To become more efficient, continue to carry out my trading analysis everyday starting with my list of active and pending trades.
Next Action
- When you have an active UVXY trade, make sure that you assess the market as soon as they open everyday (2.30pm).
- Submit a long limit order in relation to INTC as soon as possible.
- Start scaling into SFM using limit orders as soon as possible.
- Close AXP long trade as soon as possible.
- Consider using the parallel channel to plan when to enter and exit a hedging trade.
