Highlighted Trades - 04/29/2024
We saw 13 trades today (9 long, 4 short) across 9 unique tickers today. Let’s check out the highlights.
Our biggest winner today was NUE. We had 1 entry here for a clean 0.34% return. I think the entry conditions here are fairly strong. The momentum is really steady, especially in regards to MACD. Not only are both our MACD line and Signal line sloped downwards, but the distance between them is steadily increasing as well. Combine that with some fairly solid momentum, and you’ve got the makings of a fairly consistent trade here. There was some room to make extra by getting a better stop-out, but all in all this was a strong trade for us.
Another trade I want to highlight is this long position on EOG. We had no re-entries here, and even though it only made 0.14%, I still want to shout it out as having really solid entry conditions. The bullish momentum is strong and extremely consistent prior to our entry. The flat Kijun-Sen line is a bit of a warning that it might not break the $136.40 resistance level it’s approaching, which is exactly what ends up happening. Even so, there’s a bit of money to be made on this trade, even if you don’t expect it to break that level. This trade was never going to be a massive winner, but given the strength of its entry conditions, it was a pretty reliable chance to make an easy, albeit small, return.
Our biggest loser of the day was VRTX, where we lost 0.31% across 2 short entries. Unfortunately, I’m not sure how avoidable this trade was to most of our users. The only red flag here is the flat Kijun-sen line, but given the pretty strong bearish momentum, it’s perfectly reasonable to say that red flag is mitigated. The only way, in my opinion, this trade could have been invalidated, would be to look at the flat Kijun-Sen, infer that it was about to weakly test a support level, and then look at the sub-396 trade during pre-market hours and consider that the support level. While I concede some argument exists for this line of reasoning, it is, to say the least, a stretch. Overall, I don’t think this trade was avoidable. That said, I think the re-entry is pretty easy to say no to, which would have cut losses to 0.27% - not a big improvement, but there was room for an experienced trader to improve this one.
That’s all I have for you tonight - thank you for reading and happy trading!
