August 21st, 2017 Watch-list
Evening traders! Last week we finished out with the market showing two strong red days in a row. We're seeing that DJIA daily chart come right down towards that key 50sma support level. Just like we saw a reversal topside when it touched the 20sma, we could see the same thing happen here. If we do not and it continues to fall further, we could see the DJIA down in the 21.2k to 21.5k level soon. Personally, I am ok with this market pullback. It could provide some great buying opportunities for us! For early this week, lets watch and see how the DJIA handles that 50sma. That will give us better insight into how to move forward. DJIA daily chart is below with key support and resistance labeled for review.
Current Plays on Watch:
TRQ: Our strategy with this one following Wednesday trading session was to see if we could get a pullback early Thursday morning, followed by a 15 minute buy for an entry. We ended up getting a quick pullback Thursday morning, but the 15 min signal was not crystal clear and again occurred at the upper end of our buy range. I know some of you did end up taking the risk and grabbing entries. Others did not yet and are waiting for a more clear signal. If in, have your 1/2 R/R ratio stop loss set. If not in, continued to look for the daily and 15 minute buy.
PLCE: Currently on this one we have the daily buy locked in. We did receive a 15 min buy (though not crystal clear as well) on August 17th at $100.20. We also appear setup to signal another clear 15 minute buy signal if we can move topside first thing tomorrow morning. That is what I will be watching for. A move off this level will form a clear 15 minute higher low and provide a clear entry point for those not in.