The Wagner Daily – Small loss on $ZS, $CF add triggered, watching $MTDR for potential rebound

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$MTDR daily

The Wagner Daily – February 7, 2022

Below is the full, archived issue of The Wagner Daily swing trading report (sent to members the night before the publication date).

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MTG Market Timing Model –  SELL

Our timing model was designed to keep our trades in line with the prevailing market trend, not to call tops or catch bottoms in S&P 500 or Nasdaq Composite.

today’s watchlist (potential trade entries):

$todays watchlist

open positions:

$open positions

closed positions:

$closed positions

position notes:

  • Per intraday alert, sold covered $ZS for a small loss.

Commentary:

Friday’s session was a positive one overall for the bulls as stocks could have easily rolled over after Thursday’s ugly down.  Let’s see if there is any follow-through to the upside this week.

$NX daily
$SPX daily

Per intraday market, covered $ZS for a very small loss due to the lack of follow-through from our short entry. The $CF buy stop order triggered which was an add to a current position.

$MTDR’s false breakout and close near the lows of the day is known as a squat. Let’s see if the price can hold above Thursday or Friday’s low and work its way higher during the next few days.

$MTDR daily

Our weekend scans didn’t produce much in the way of low-risk buy setups in stocks near 52-week highs. However, we did see many bull flag-like patterns off lows that could be in play for a pop.

$ONON daily chart is a good example of bull flag like action off the lows (others $GDX $NVAX $SE $CROX $RIVN $RBLX $BNTX)

$ONON daily

Unofficial Setups – For experienced traders only, no guidance is given for these setups.

Depending on market conditions:

  • Longs – $DWAC $CF $MTDR $DWAC $BG
  • Shorts –

See you in the chat room,

Rick

For those new to this report, our share size is pretty conservative with max. size around 10% of equity per trade. We do this because we prefer to trade 10-12 names to keep the report active.  However, if your goal is to maximize returns, taking 18-25% positions is the way to go.   If trading in a non-margin account, this will limit the portfolio to 4-5 positions.  If on margin, then 8-10 positions. Our risk per trade on average is just over 1/2 of 1%. Experienced traders may want to risk 1% to 2% per trade.   For example, a 20% position in a 100k account with a 6% stop loss would result in a $1,200 loss (1.2%). 

This list is a good starting point for monitoring the health of the market for those who have limited time.

https://morpheustrading.com/services/swing-trade-alerts

Start my Wagner Daily membership now to start receiving winning Morpheus stock trade signals, including a stock portfolio you can easily follow. The Wagner Daily PRO includes live swing trader room for daily, real-time trade ideas and powerful stock trading education.


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