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Trading Prep DEEP DIVE August 8, 2020

[videopress WdMrWOnv]

Highlights

MARKET MOOD:

Out of the station and time to wait…

Each of the major indexes broke out last week and shifted from sideways trends to uptrends. This happened on all time frames.

Despite the apparent strength, what struck me as interesting was the action in leading stocks. Many either continued to run OR pulled back hard, breaking below support. As a result, there are very few setups heading into next week. In fact, out of the 150 or so stocks I track, only 5 had halfway decent looking setups. These include $ADBE $ISRG $RGEN $SQ and $TSLA

When the market is like this I mostly sit and wait vs adding new swing trades. ​
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TRADE IDEAS:

As mentioned in the market mood, there’s very little setting up this week. Of the 150 or so stocks I actively track, I came up with 5 decent looking setups.

Of those 5, only 2 had decent Trade Evaluator scores. $RGEN had 6.42 and $TSLA had 7.24

Here’s my notes on both of them: https://docs.google.com/spreadsheets/d/17WEphBasEUxCfqkwJan6-rpZiNL9LXlj7TPyiorkP9U/edit?usp=sharing

Also on that sheet is list is the ‘Focus List’ (decent setups but not the best of the best), ‘Almost there’ (needs a little more time), and Day Trades

 

TRADE EVALUATOR TOOL: http://eagle-trade-evaluator.s3-website-us-east-1.amazonaws.com/

I believe this tool will be a game changer for the industry. It will ultimately be an objective way for you to look at the market through your own trading beliefs. You’re get a firsthand look!

We need your feedback! Click the link above and let us know what you think. What you’d like to see added or changed.

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