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[Platinum Watchlist] (5.9.23) 1 Stock

[Platinum Watchlist] (5.9.23) 1 Stock
August 22, 2023

Good morning.  

At the present time, with the upcoming inflation reports coming out this week, I’m going to remain on the sidelines again today and be patient as market conditions are not favorable to my trading plan or risk tolerance level. 

In addition, I’m not finding any stocks that will provide me with the risk / reward ratios needed for me to enter a position at this time.   

Let’s look at JCI from the Horizon’s list. This stock is trading above all the critical SMAs and shows all the oscillators in the green. Closing price was 63.09 yesterday. The resistance level is at 63.85, giving us a $0.76 / share upside potential. Support is at the 200 SMA or 60.06 which provides us with a $3.03 / share downside potential. 

As markets have been range bound, we look to buy at support levels and sell at resistance levels. In this position, there would be too much downside risk at the present moment for me to consider JCI.   

Remember, I have a risk adverse trading strategy. Some traders who are more risk tolerant and may see this as a good opportunity.   ‘

Understanding and adapting to market conditions is essential for swing traders. By recognizing the prevailing market environment and adjusting trading strategies, risk management, and trade selection accordingly, swing traders can enhance their chances of success and navigate the ever-changing dynamics of the financial markets.  

Swing trading is about singles and doubles. managing risk and preserving gains (wealth). It takes discipline and patience. It’s hard to sit on the sidelines but we want the market to work for us and not the other way around.

Have a great day.

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