The Wagner Daily – $APPS: Trade Entry Strategy

The Wagner Daily – April 7, 2021

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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S&P 500 buy, Nasdaq Composite buy

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):

open positions:

closed positions:

• position notes:
• $UPST buy stop triggered.
• Per intraday alert, bought $APPS and $FUTU. Sold $RIOT for a small loss.

Commentary:

The S&P 500 and Nasdaq Composite are a bit extended in the short-term from the rising 10-day EMA and may need some time to digest recent gains. When a stock or index corrects, it can do so in one of two ways, either by price or time. If by price, then we could see a few days of lower highs and lower lows. If by time, then look for sideways to slightly lower price action that allows the 10-day EMA to catch up.

The model portfolio added three new positions in $FUTU, $APPS, and $UPST.

$UPST triggered off the official watchlist, while $FUTU and $APPS were bought with an intraday alert. For those not already long $APPS or $FUTU, set a buy stop above Tuesday’s high as an entry. $RIOT was sold for a very small loss to make room for $FUTU, as we did not want to increase our exposure to crypto-related stocks. For those who want to hold on to $RIOT(which is still looking good), a stop can be placed at 49.29.

Bought $FUTU as it took out the morning high after reversing off the 50-day MA.

Bought $APPS over the two-day high. The price failed to follow through right away, but we like the trade using the low of Monday’s reversal candle as our stop.

$UPST failed to move out after triggering our buy stop but did close with a tight-ranged inside day. The hourly chart looks constructive above the rising 20-period EMA. Let’s see if the price can break through $150 and hold, which could spark the next wave up.

There are no new official setups for Wednesday’s session. Let’s see how recent buys hold up before putting more money to work.

Below are a few setups that could be in play: 

$GRWG closed with a tight-ranged inside day on light volume at the 50-day MA for the third day in a row. A move through the three-day high could lead to a downtrend line break.

$RBLX is another tight-ranged inside day with the price chopping around a rising 20ema on the hourly chart. A move through the two-day high could lead to a test of the prior high. The stop is the low of the inside day, which makes this a GONG setup (Go Or No Go). Either they work or there is usually a quick stop out.

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

• $MVIS – buy at 15.85
• $SM – buy at 19.20Other stocks to watch: $SQ $ABNB $YALA  over swing highs, but if the market is weak these entries may struggleWatch for pullback setups in: $PINS, $LRCX, $NVDA

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