PrimeTrading daily Update & Focuslist - 04/05/22
Welcome to another Daily Update & Focuslist!
This Newsletter is a daily publication where you’ll be able to follow how I’m invested, along the names I’ll be looking to potentially enter tomorrow.
Enjoy ! ✌️
Disclaimer: This newsletter is not financial or investing advice. The information is for education purposes only and reflects only my own operation.
Market REVIEW
We could not have wished for a better price action today at the 10dma. We were able to take out Friday’s high and close at the 4580/90$ level I talked about for a while now.
Now we get into the crunchy part, we have to breakout again of that 4580/90$ level tomorrow to confirm the PB rally scenario. If we failed to breakout & reverse on volume tomorrow, rollover scenario would be possible. I am always aware of a second failed attempt at a major level, these very often lead to more downside pressure.
Anyway, for now action is very positive and that’s what we wanted to see.
Breadth:
Stocks > 50&200 - Flat
Net 52/1M NH - Green by a thin margin but good 1M #’s.
McClellan Osc. - Decreased today despite very good action, it leave some room to run tomorrow imo.
VIX - Now below 20 @ 18.57, that’s VERY good. Volatility is getting out.
Sectors:
Metals & Mining took a hit at the open. There was too many eyes imo and that might be the shakeout we needed to continue higher from here.
Clean energy & Solar are really leading the market right now. Big advance in internet stocks, I’ll have to dig in this sector.
Portfolio UPDATE
With market turning at the 10dma, I want to make sure that I am invested in my leading names. I made few adjustment today to concentrate more in those.
New positions:
TGI (BO21PB with a second entry - took entry on WB confirmation)
MP (Wedge break from a BORS setup)
PANW (BO10PB - entered on DTL)
Trimmed positions:
Closed positions:
DAR (Came back below entry DTL - closed trade)
EXPE (Came back below entry pivot - closed trade)
Maximum EXPOSURE
Based on my model, I'm now allowed to have 100% exposure
Daily FOCUSLIST
Initial Stop loss is always placed at Low of Day, meaning I put my SL at the low of the breakout daily candle.
REFERENCES
Trading style:
I am a techno/fundamentalist swing/position trader. I’m a looking at a few days to few weeks timeframe for the bulk of my trades, but trying to keep the last portion for a bigger multi-months move if possible.
Articles on my system:
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