The Wagner Daily – “Added to $NVDA on Bullish Reversal

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).

Subscribe now for your access to the best stocks for swing trading, proven Morpheus stock trading strategy, and market timing model with a 20-year track record.

Just drop us a comment with any questions or comments–we’d love to hear from you!

---

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):

open positions:

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.

Commentary:

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)

Start my Wagner Daily membership now to start receiving winning Morpheus stock trade signals, including a stock portfolio you can easily follow. The Wagner Daily PRO includes live swing trader room for daily, real-time trade ideas and powerful stock trading education.