The market’s engine is revving! Yes, that’s right…revving!
Why do I feel this way? A few reasons:
- We have predominantly sideways trends on the weekly and daily charts of the major indexes.
- The number of setups expanded this week. I came across 17.
- Last week’s setups did extremely well, particularly the ones that made it to the action list like $TSLA $SQ and $AMZN
- The quality of the setups are impressive this week. 4 of them are above a 7.
When things are working and the setups are there, this is the market telling you to step on the gas. I’m going to put on 4% of new capital risk next week. This means that if all of the ideas on the action list are triggered, I’ll be risking 4% of my portfolio. This is the most I’ve put on in one clip in a while.
We have a LOT of quality setups this week. So much so that I’m planning to take 4 of them (should they breakout) and put 4% of total capital at risk.
Here’s a spreadsheet with:
- Action List: trades I’m taking
- Focus List: decent setups and first place I’ll look if everything on the action list breaks out and runs
- Almost there: still setting up and could be solid by mid-week
- Day Trade Ideas: stocks with lots of momentum that I’d take as day trades only. https://docs.google.com/spreadsheets/d/1TbSXRonh8I9hK67I2lDb5Pj5kK77y7HvC_7tzxC8YT0/edit?usp=sharing
- Mara Trader ‘Weekend Assessment’ Sheet
- Trader’s Mindchat Room (free 7 day trial)
- Trade Emotionator (free position size calculator)
- TrendSpider (charts)
- EdgeWonk (trading journal)
- Options Geek (options EDU + new options chain)
- TradingView (charts)
- Favorite Trading Books
- Market Smith