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The Wagner Daily – June 9, 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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MTG Market Timing Model – buy mode
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):
- Longs $SNAP, $SE, and $LSPD triggered. Stopped out of $SNAP.
Broad market averages recovered from a morning selloff and closed in the top half of the day’s range. Growth based ETFs $FFTY and $IWP are trending higher (with higher swing highs and swing lows) above the rising 10,20, and 50-day MAs, which is good news for our style of trading.
All three buy setups triggered on Tuesday. $SNAP was a false trigger due to the morning gap up which only traded above our trigger for a minute before reversing lower. For those who actively watch the market, getting in over a 1 or 5 minute high is the way to go to avoid a false trigger. For those who are unable to watch the open and set buy stops, these false triggers happen from time to time and are tough to avoid. One possible solution is to use a time based order if your brokerage allows. A time based stop could be set to go live at 9:35 am or any time you select rather than on the open.
$SE looks pretty good as it was able to recover and close above the trigger. Note that we have a buy limit order to add to our position.
$LSPD closed below the breakout pivot which isn’t ideal. However, if Wednesday’s price action can hold above Tuesday’s close, then we could see a re-breakout attempt within the next few days.
Note that we are selling $LESL on Wednesday’s open due to news of the secondary. We’d rather just exit with a small loss and put money to work elsewhere.
Note that the $UPST stop is breakeven to prevent a winner from turning into a loser.
In addition to the add in $SE, we have one new buy setup in $DV, which is a recent IPO that trades around 700k shares per day. $DV rallied +30% off the lows before stalling at $37 and chopping around in a tight range on light volume. We like the support from the 10 and 20-day EMAs and have a buy stop to enter over the two-day high.
Below are a few charts we are monitoring. These are not official setups.
Unofficial Setups – For experienced traders only, no guidance is given for these setups.
- $TGH – buy at 34.11
- $STAA – buy at 144.00
- $HAYW – buy at 24.85
- $TUYA – buy at 24.45
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