The Wagner Daily – April 26, 2021
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Our timing model was designed to keep trades in line with the prevailing market trend, not to call tops or catch bottoms in S&P 500 or Nasdaq Composite.
- Per intraday alert, bought $HUBS.
The Nasdaq Composite is in pretty good shape after finding support at the rising 20-day EMA last week and is now forming the handle portion of a cup with handle pattern on the daily chart below.
The price and volume action in growth stocks improved late last week, which is a positive sign for our style of trading. Let’s see if $HUBS, $NVDA, $CRWD, and $NET can continue higher without giving back much ground by staying above a rising 10ema.
Per intraday alert, we bought a half position in $HUBS on a breakout over the handle high.
There is one new official setup for Monday’s session in $NVDA, where we have a buy stop above last Thursday’s high. If the price fails to hold the 10ema, then we will monitor for a reversal candle entry off the 20ema.
$TSLA is forming a legit handle above the 50-day MA but reports earnings on 4/26. Ideally, we’d love to see a post-earnings gap up above $780 to generate a buy signal.
$SNAP held the 50-day MA after reporting earnings and could be in play for within the next week or two. A test of the 50-day MA this week could be a low-risk spot for a small position. This is not an official setup.
$IR reports earnings on 4/28. Note the new stop in place to exit if the price breaks the 8-day EMA, which would result in a small loss. We would need a buffer of at least 5% to hold through the report.
Unofficial Setups – For experienced traders only, no guidance is given for these setups.
- $SNAP – buy pullback to 60.00
- $SQ – buy at 250.00
- $SE – buy at 262.00 (look for volume to pick up)
- $ETSY – buy at 217.75 (volume should pick up)
- $NET – buy pullback to 80.50, stop break of 8-day EMA
- $LPRO – buy at 38.15 (reclaim 50ma)
- $FND – but at 114.75
See you in the Live Trading Room
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%).
Click on the link below to view this week’s watchlist in google sheets.
This list is a good starting point for monitoring the health of the market for those who have limited time.
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