PrimeTrading daily Update & Focuslist - 04/13/22
Welcome to another Daily Update & Focuslist!
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
I’m really annoying with my 4387$/Channel DTL scenario, but look at how we respected that PB channel from that failed breakout.
That 50dma rejection yesterday really put me on defensive, and I was expecting more downside pressure today. But instead, we held that 4387$ for the 2nd time and put a solid inside day. This is a clear change in character for me.
On top of that, we got a broad market participation. ZERO sectors were negative today (In those I watch ;)), so there is really big big positive for me in today’s action.
TOMORROW, I want to see 4475$ & also channel top DTL breakout to confirm the potential reversal pullback breakout.
Breadth:
VIX crashed 10% today, down to 21.8$. This is really good. Volatility could have picked up here but did not.
McClellan back to positive. We were not able to push to oversold level.
BIG Adv/Decl #’s. Above 1500 advances in this market is pretty impressive.
Sectors:
What a day. Every single sector contributed on that market reversal. Recent leaders such as Metals, Cyber, Leisure, Clean Energy & Internet that were strong before this market PB are back on top of the list.
These name performing really reinforce my thinking that we might have see the end of that PB. Still to be seen, but that’s the scenario that I’m working with right now.
Portfolio UPDATE
I’m mad that almost all positions I closed yesterday to reduce exposure had a very good day today. That was a clear shakeout action. So I decided to reopen those positions that acted well at the open.
Overall today’s was an expectation breaker for me, and I was ready to reopen the names of interest with all the alerts in place.
New positions:
PANW (BORL with 629.49$ confirmation)
TECK (Base breakout)
UUUU (BO21PB breakout confirmation)
EQX (BO21PB breakout confirmation)
VET (WB with USOIL WB confirmation)
STLD (BO21PB with 85.09$ pivot BO confirmation)
Trimmed positions:
Closed positions:
Daily FOCUSLIST
Initial Stop loss is always placed at LOD (Low of Day) of breakout candle. If taking on the weekly setup, you can adjust position accordingly, and use LOWeek instead.
REFERENCES
Articles on my system:
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