Still Looking for Stocks to Buy – But Booking Quicker Profits 4-24-20
GILD ruined a nice party...
The stock market traded higher and all system were go until Gilead news "leaked" about a failed test.
Today we head into the day with indecision ruling the charts. The SPY ETF weekly chart broke the inside candlestick and went well-bid.
This price action tells us to continue looking for longs (stocks to buy).
But, the melted candlesticks on many charts tell us to switch our trade management to profit taking mode and not build positions.
This means book profits on a pause, UNLESS we trade above Thursdays highs.
Remember trading is all about "if-then" scenarios... If this happens, then I'm doing this. Keep this in mind an you'll always be prepared.
TRADING GAME PLAN 4-24-20
Gold stocks have reached profit taking levels.
Reading the tape in these stocks has me moving higher a trailing stop loss.
Pete
PS:
Getting some great questions about the 30 day bootcamp. CLICK HERE to see if you're a good fit.
Gold stocks have reached profit taking levels.
Reading the tape in these stocks has me moving higher a trailing stop loss.
- LLY continues to perform as a swing trade.
- UNH formed a swing low and has profit potential.
- ZM exploded out of an inside candlestick and traded into new 20 day highs.
- BYND has one more day of bullish price action before we expect it to hit selling.
Pete
PS:
Getting some great questions about the 30 day bootcamp. CLICK HERE to see if you're a good fit.
