The Wagner Daily – $SE Stock Update: Pullback in Progress

The Wagner Daily – June 29, 2021

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MTG Market Timing Model – buy mode due to strength in Nasdaq Composite (still above 20ema)

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, added to $SHOP.

Commentary:

The Nasdaq Composite and $IWP continue to push higher above a rising 10-day EMA.  Not much to discuss here.  Bull market. 

Per intraday alert, added to $SHOP as it pulled back to the 20-period EMA on the hourly chart, with a stop beneath last Friday’s low.

There is one new official setup for Tuesday’s session in $STEM. We like the big percentage move off the lows the past few months and high relative strength rating of 97 (this is IBDs 3-month RS rating). The three-day pullback off the highs found support just below the 10-day EMA, with Monday’s action forming a bullish reversal candle. Our buy stop entry is over Monday’s high with a protective stop beneath the low of the same day.

$STEM lacks eps or sales growth, but this is a shorter-term swing trade in a powerful mover.

$UPWK has formed a bull-flag like pattern and could be in play over Monday’s high. This is not an official setup.

Current long $SE is in pullback mode and after last Thursday’s breakout failed to hold. Let’s see if the price can hold the 10-day EMA.  

Current long $CRWD could also enter pullback mode if Monday’s low fails to hold.

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

• $UPWK – buy at 58.15
• $TIGR – buy at 28.90 and 30.05
• $UPST – buy at 127.51
• See you in the Live Trading RoomRick
  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.https://docs.google.com/spreadsheets/d/1rc2qIXer0HMbVutBrv4mfDgunJBcZX6_C5LiCnq-4iU/edit?usp=sharing
  
  
  
  
  
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  Reproduction without permission is strictly prohibited.

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quick jump to:today’s watchlistopen & closed positionsmarket commentary

resources:subscriber guideour trading strategyblog

handy links:

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MTG Market Timing Model – buy mode due to strength in Nasdaq Composite (still above 20ema)

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, added to $SHOP.

Commentary:

The Nasdaq Composite and $IWP continue to push higher above a rising 10-day EMA.  Not much to discuss here.  Bull market. 

Per intraday alert, added to $SHOP as it pulled back to the 20-period EMA on the hourly chart, with a stop beneath last Friday’s low.

There is one new official setup for Tuesday’s session in $STEM. We like the big percentage move off the lows the past few months and high relative strength rating of 97 (this is IBDs 3-month RS rating). The three-day pullback off the highs found support just below the 10-day EMA, with Monday’s action forming a bullish reversal candle. Our buy stop entry is over Monday’s high with a protective stop beneath the low of the same day.

$STEM lacks eps or sales growth, but this is a shorter-term swing trade in a powerful mover.

$UPWK has formed a bull-flag like pattern and could be in play over Monday’s high. This is not an official setup.

Current long $SE is in pullback mode and after last Thursday’s breakout failed to hold. Let’s see if the price can hold the 10-day EMA.  

Current long $CRWD could also enter pullback mode if Monday’s low fails to hold.

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

• $UPWK – buy at 58.15
• $TIGR – buy at 28.90 and 30.05
• $UPST – buy at 127.51

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