The Wagner Daily – New Setup: Buy $CF

The Wagner Daily – April 8, 2022

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MTG Market Timing Model –  Buy – but on Sell standby if price loses the 20-day EMA

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:

• Per intraday alert, bought $HCC and $NUGT.

Commentary:

The S&P 500 and Nasdaq Composite recovered from a weak morning session and closed in the top 1/3 of the day’s range and in positive territory.  Thursday’s reversal was positive but let’s see if there is any follow through on Friday.

Per intraday alert, we established two new long positions in $HCC and $NUGT.

$HCC is a coal stock that just recovered from an undercut of 20-day EMA. We entered over the 8-day and 20-day EMAs, after the price pushed through the high of Wednesday’s tight-ranged inside day. Other coal stocks are also looking pretty good ($AMR $ARCH $BTU).

$NUGT is a 2x leveraged gold miners ETF that is forming a volatility contraction pattern with the price swings tightening up from left to right. We bought the move above the prior day’s high which was an undercut of the 20-day EMA.

There is one new official setup for Friday in $CF. Note that we canceled the $WEAT entry but its still a valid setup with an entry above Thursday’s high.

$CF is one of the strongest stocks in the market and part of a top 10 industry group.  Thursday’s inside day creates an entry over the high of the day.

Let’s see if we can get some traction with new buys.

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

• Longs – entries over the prior day’s high GFS (pop off lows) $CF $NTR $CLH $CNQ
• Shorts –

See you in the chat room,

Rick 

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

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