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First, I want to say that we can see more selling pressure in the future days. Also we can see bounced too. So, I want to say that we don't have clear bottom signal. Reason why I want to talk about that is selling pressure, high risk and higher volume market action last days. Those ideas what you can see in the watch list are based on possible bounce and they all are stronger then market action at this moment. Same as MCD, UAAA or DLTR. I'm following other long possibilities but also I’m waiting market reaction too (for them). Please note that trading risk is still high and please note that cash is still good option. I like to note that is important to use trading idea on proper way. If anyone will have any question please feel free to email me.
Day - swing trade corner
LLNW - long trade
Trading plan:
Entry price: $4.50
Stop price: $4.20
Target area: $5 - 6 area
Type: day - swing trade
Trade explanation:
LLNW. Ideal setup will be if LLNW will for today continuation pattern on daily time frame. Right now, is idea long above yesterday high with stop under 20sma 60 min what is always important support area for possible swing trade. I like weekly flag breakout possibility and bounce from monthly 10sma. LLNW have fair odds for swing trade what will depends from market reaction too.
KEX - long trade
Trading plan:
Entry price: $78.00
Stop price: $76.00
Target area: $85 - open area
Type: day - swing trade
Trade explanation:
KEX. We can see that KEX have own way at this moment. It is stronger then market action and show daily breakup possibility. We can also see 60 min triangle pattern and weekly triangle. Bigger time frames support possible KEX break up and run to previous high around $85 area. I will repeat that also depends from market action too, because every extreme market reaction (like yesterday) can bring problem.
WLL - long trade
Trading plan:
Entry price: $34.00 (33.20)
Stop price: $32.70
Target area: $36 - open area
Type: day - swing trade
Trade explanation:
WLL idea is daily bull flag possibility and bounce from 60 min support area. On safer entry is above Monday high at $34 and intraday (higher risk) possibility is above 60 min 20sma. It will be important to see WLL open action. If WLL possibility won’t happen today it will stay on my screen until WLL will stay above monthly 10sma (right now support area). We can see on weekly and daily time frame that at this moment WLL is stronger than market action.
Wish you all good trading
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Note:
Trading the Market’s open can be very unpredictable and risky. As a reminder, I will not take any new trade that sets up during the open or within the opening five minutes. If a trade sets up during that time it will be cancelled and I will look for another set up and trading plan. Simply put, any trade that sets up on the open is no longer valid. I prefer to wait at least five minutes prior to taking a new trade. The first five minutes are highly volatile and subject to many false moves increasing the risk greatly. I just want to make everyone aware of the increased risk if you choose to take a trade during this time.
PLEASE NOTE:
The primary focus is to find Swing Trades. I look for intraday setups that have a potential to become swing trades.Since traders area diverse I do post additional ideas (day trades, position trades and scalp trades). It is up to you to decide which trades are appropriate for your trading style. I do NOT personally take every trade (I don't trade scalp and fast trades). Your success depends on YOU taking trades you understand and like. I am always available to contact for additional trade explanation.
TRADING THE OPEN
During normal market conditions our regular setups generally do very well regardless what time they are taken. Trading right at the open always adds risk. It is recommended that new trades not be taken for the first 5 minutes the market is open. I will treat each new trade that sets up during this time as a gap trade and wait till the stock comes back and takes out its 15 minute high or low.
Trading is risky. It is our job as traders to reduce this risk and increase our chances of success.
IMPORTANT:
Take only the opportunities that you really like and understand. Always enter a trade with a trading plan. If you have any questions, please feel free to ask me. There is a much greater chance of success in your trading if you understand the trade. That is very important. Taking just a few trades is enough to be a successful trader. Over trading is probably the number one reason new traders fail. I personally mostly take swing trades. Please remember to keep that in mind!!!!!!!!!!!!!!!