The Wagner Daily -July 27, 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):
closed positions:
position notes:
- Per intraday alert, added to $NVDA due to a strong reversal action on the hourly chart during the first hour of trading.
- Per intraday alert, sold half of $DOCS for a 16% gain.
The Nasdaq Composite and S&P 500 traded in a tight range on Monday and will likely do the same on Tuesday with $APPL, $MSFT, $AMD, $GOOGL, $SBUX, $TDOC, and $V reporting after the close.
It’s easy to hold off on new buys with so many heavyweights reporting after the close and the Nasdaq up five sessions in a row. However, it’s always best to trade what we see and not what we think. If the setups are there and the timing model is on a buy, then we buy.
Note that we sold 1/2 of $DOCS into strength to lock in a 17% gain. We also raised the stop in $ASAN to guard against a failed move to new highs.
There are two new setups on Tuesday’s watchlist in $ROKU and $SNAP. Please note the new buy stop order in $SMAR, which is over the two-day high for a small starter position.
$ROKU cleared the standard pivot at the handle high on big volume last Friday. Although we missed the entry at the breakout pivot, buying 2-3% above the standard entry is acceptable. We have a buy limit order at $477.20.
We’d like to hold through earnings if we have a profit buffer of 5% or more. If not, then we will exit prior to the report after the close on 8/4.
Per intraday alert, we bought the breakaway gap up in $SNAP last Friday. We are adding to the position with a buy stop over the two-day high.
Per intraday alert, we added to $NVDA on Monday following a bullish reversal candle during the first hour of trading. Although the price did not follow through on our entry, the reversal did hold the 20-day EMA, a positive sign. A move above Monday’s high could serve as a buy point for those looking to enter or add.
Unofficial Setups – For experienced traders only, no guidance is given for these setups.
- $CROX – buy at 133.40 (swing trade on 2-day pullback)
- $VERV – buy at 55.06 (tight range in recent IPO)
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