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[Platinum Watchlist] 3.8.23 total of $521 Profit in 4 days
[Platinum Watchlist] 3.8.23 total of $521 Profit in 4 days
August 21, 2023
Good morning!
In regular trading on Tuesday, the Dow tumbled 1.7%, the S&P 500 declined 1.5%, and the Nasdaq dropped 1.3% after Powell spoke to the Senate. Today he speaks to members of the House.
Price action for BRKB was negative yesterday and triggered a stop limit order at 314.76 which was at the level to preserve half of the previous day’s gains. The paper trade gains were 0.71% or $221 in 1 day. The RSI and SS are showing a negative roll-over. Closing price of BRKB was below the original cost basis. Preserving gains is the name of the game in the present market situation.
APD negative price action also initiated a stop limit set just above the 20-day EMA providing a 1.04% gain or $300 after 4 days of paper trading. The chart shows a negative roll-over of the Stochastic and a downward trending RSI at just above the 50-level. If we see a trend reversal and favorable conditions, there is the probability we could re-enter either of these positions.
And now we will sit on the sidelines with our cash and paper trade gains until the next potential set-up.
As a swing trader, it’s important to stay out of the market when market conditions are unfavorable or uncertain. Additionally, it’s important to avoid trading when there is a lack of clear trade setups, and when there is a high degree of uncertainty in the market. By staying out of the market during these times, swing traders can avoid unnecessary losses and preserve their capital for better trading opportunities.
Patience is key and helps traders avoid emotional decision-making and stick to their trading plans, which can increase the chances of success in the long run. Today is a day for patience. We want the market to work for us, not the other way around. Have a great day!
This information is being provided for educational purposes and is not a recommendation to buy or sell a security.
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