August 1st, 2017 Watch-list
Evening traders! Just getting back into the swing of things here after having spent much of last week moving. We had some solid trades in ENTG, PNM, and RELY these past few weeks. Hopefully we'll be able to ramp things up again like we were planning to moving forward! As for the overall market, we've seen the DJIA continue to move higher these past few days. I'm sticking to the same strategy of doing my best to find plays that are not too closely tied to the overall market for now until we get some better flow in the chart. For review however, below you will find the DJIA with key support and resistance labeled followed by a review of the RELY trade plus some insight into the week moving forward.
RELY: We've seen this one go up and break both of our profit targets. Solid overall trade for those who were able to secure an entry. This is just a classic example of the very basic, yet effective, support reversal trade.
Since we've now exited all of our positions on watch (ENTG, PNM, and RELY) the focus will be on building our watch-list back up to 3-5 (or more) high quality trades that we can target in the coming days and weeks. I've expanded my scanner a bit just to make sure we are not missing out on many trades. With that said though, it is still quality over quantity. For those who have been with me for awhile, you know it's all about quality plays, even if that means going days or weeks without a new trade. We want the best set-ups. As it stands now I did not find anything for watch tonight that met what I was looking for. HDSN was one chart set-up that I really liked, but it does have earnings on August 9th, which is within the 2 week window I look to avoid when entering a new trade. Remember, if a stock has earnings within 2 weeks, do not enter. If you are in a stock before the 2 week mark but it runs into earnings, look to exit before earnings. Their will be rare exceptions to this rule, but 99% of the time we will execute in this manner.
As mentioned in the email that went out today, we will be having a new Advanced Video coming out this week that will be added to the library for everyone. Once it is out, I'll send an email to everyone with a heads up. Also, for the past few weeks we have been sending watch-lists out over email alone. Moving forward the majority will again be on the site under the members area tab/daily watch-list. For those working on the 35 step guide, keep moving forward and sending in your "homework" assignments when possible. For those who are not working on the guide or who would like it, just shoot me an email and I can send the guide your way! Have a great night everyone!