March 13th, 2017 Watch-list
Hey traders! Small green day Friday for the market as it appears the DJIA has found some support near that daily 20sma and has reversed topside slightly. Still remaining cautious at this point, but as stated in previous posts, we want to try and remain on the long side of the market at this point until the market shows us otherwise. Daily chart for the DJIA below with key support and resistance labeled for review.
Current Open Positions:
LC: This one was able to hit our initial profit target last week, which is great! For those who are still in waiting for the second target, make sure to have your 1/2 stops set in place. Small red day Friday, so hopefully we can regain the topside momentum back early this week for those still in. Chart below for review.
UFS: This one gave another clear buy signal Friday and had a small green day of 1.06%. Next key break, $38.24. Chart below for review.
New Plays Added to Watch:
PLG: High risk/high reward trade opportunity here. Remember, anytime we have a high risk/high reward trade, I always suggest going in with reduced capital. If new to trading as well with a smaller trading account, consider sitting on the sidelines and watching a few high risk trades so you see how they operate before jumping in. Really straight forward strategy here. Simple support reversal trade. Entry criteria along with profit targets and stop loss strategy below.
ECPG: Another really straight forward trade here. This one has been in a pretty decent uptrend for the past 4 months or so. The goal is if we see that continue and we get a reversal off this current level topside we secure an entry. We've seen the selling pressure decrease the past 10 days as we pulled back and volume dipped. We saw slight positive movement Friday as we sit right below that 50sma. Entry criteria along with profit targets and stop loss strategy below.
KRC: Another support reversal trade opportunity here. As you've probably noticed, we try to keep things simple with our trades. The simpler the better in my opinion. We're seeing this one re-trace right down into a previous bounce point and support level. We have those daily indicators dropping down into the levels we need to see them in as well. Very simply, the hope is we can see the price settle in our labeled buy range level and secure an entry with our buy signal. Chart below with entry criteria, profit targets, and stop loss strategy.