Not a whole lot happening today. A ton of traps out there so hopefully you all were cautious and patient. A lot of yesterday’s set ups were invalidated early and never triggered, so unless you jumped the gun, no losers today! One winner on $DKNG.
Some significant changes to $NQ_F, $AAPL and $AMZN so make sure to study the new set ups! Tech’s return is coming soon… be ready!
Recap:
$AAPL: Passed- Invalidated early, set up never triggered
$AMZN: Passed- Got an early push that could have been scalped, but reversed down quickly after. Could have been a win or loss depending on your entry, I passed on it.
$DKNG: Winner- Nice 3.5% move off the bottom, signaled on twitter.
$ROKU: Passed- Set up still valid, just waiting on the dip into the buy zone
$SPCE: Passed- Missed this one as it gapped up and never looked back. Huge gains if you happened to catch it
$TSLA: Passed- Same as $SPCE, a gap and go. I missed this one but congrats if you caught it!
$NQ_F
A few possibilities for tech over the next few days… watch carefully as it will be a key indicator for some set ups
$ES_F
$ES_F could be starting wave (iii) here… This would likely indicate $FAANG is finally ready for that run up. Watch this carefully along with $NQ_F for confirmation. If the (orange) wave ii holds, and we break the wave i high overnight, it is likely safe to get bullish. If that orange wave ii low is broken, expect to see 3475
$AAPL
Awesome set up for tomorrow. If we get a gap down into the box, check $NQ_F and $ES_F… If they’re turning bullish, $AAPL should get a huge rip out of the zone. 111-113 is a great entry zone, with a stop loss under 110.50. This set up would align with $NQ_F finishing wave (y) of (ii) around 11,730
If the bullish scenarios play out on $NQ_F and $ES_F overnight, $AAPL could gap up. If so, look for a 1,2-1,2 set up to form.
I’ll post a signal on twitter when I enter
$AMZN
Amazon could carry $FAANG group here. It seems to be a bit ahead of the rest of the group in terms of its wave pattern. Watch for a 1,2 – 1,2 set up to form tomorrow if you’re looking for a trade.
Personally, I’m not looking for a trade here. Instead I’m watching for $AMZN to show strength to confirm it’s clear to get long on $AAPL and other $FAANG names
**UPDATED–NEW SET UP**
$NFLX 60m
Last minute addition! $NFLX could be ready to finally break out of the downtrend. A=C right at the .618 at $476… This level was Monday’s low. I’m watching two scenarios for the morning:
- Gap Up- If there is a gap up, look to enter long at the first 0.50 – 0.618 retracement measured from the Monday low to the morning high. My stop would be at the Monday low as well. Essentially, this would be a triple 1,2 set up
- No Gap Up- I would expect a gap up most likely… but if there is not a gap up, I will be looking for a long entry anywhere between the .618 and .786 with a stop at the wave (2) low
Make sure to follow my twitter @rbc_trading for live updates! Remember, don’t force any trades, let the set ups come to you! If the set up does not develop, don’t chase… That is a sure fire way to lose money. There will always be another set up right around the corner!
Lastly, I provide this information at no cost… but if you feel so inclined, I appreciate tips via Venmo (@Ryan_Chandler16)… If you find my set ups helpful and would like to make a contribution of any amount, it would absolutely make my day. Thank you.
Happy Trading Everyone!