Market Recap 7/28 + Watchlist Trades
Hello everyone, and welcome to another daly recap !
Let's get right to the cut hre as we have quite a few things to discuss. First off we will highlight our play of the day , in $MSFT, and then cut to our midweek watchlist update !
DAILY PLAYS
Our primary trade today was on MSFT , we had earnings the day before , and with that we expected increased movement and volume , which would ultimately give us good trading opportunities :
$MSFT - DALY CHART UNTIL 7/28
The 2 key daily levels for $MSFT, going into the open were 284 and 290 , as a result , our trade plan revolved around these key levels. With their earnings report coming out after hours on 7/27, we could definitely expect some movement for today.
1 MIN CHART
This was a picture perfect setup , as $MSFT hit BOTH , our short zone , and our buy zone.
RED CIRCLE: Right off the open we saw sell pressure off that 290, giving a short play , and a very nice one at that as it flushed into that 284 support rather quickly.
GREEN CIRCLE: After the flush buyers started to step in where we expected them to show up, off 284. Keeping in mind that that open had sell pressure, we wanted to wait for confirmation before taking the long trade, which in this case was given with the higher consecutive holds (grey circled zone), after the 284 bounce. And these higher holds gave us our long trade opportunity. Since the trend on the day was still down at this point , we took the trade , targeting a break back over vwap , and ideally a move into 290. We got the break into vwap (purple line) and then began to hold , showing more buyer pressure, and off this, we pushed into 290, where we booked a majority of our profit. After that , a short trade was on the table for those interested , and that is discussed below 👇
5 MIN
Just another 5min chart for 7/28's trading day of MSFT , giving a larger trading overview for the day .
RED ZONES: Since we knew about sell pressure at 290 from the daily chart , and from the morning rejection. When we revisited it midday , and it failed to break and hold , this gave a potential trade opportunity to go short. The lower high , is where I would've taken the short trade , looking for a move back into vwap and a potential push into 284. We got to the vwap target , but didn't push into LOD. I would've refrained from swinging this , because the big picture trend , daily trend , is still strong and to the upside , and you always want to trade with the trend 😯.
Now that the trade of the day is over, let's get to the watchlist plays for the week !
https://www.truetradellc.com/post/market-watchlist-7-26-7-30
^^^ Check out the key levels if you haven't already in the post above ^^^
1. ZOOM ($ZM)
HOURLY UNTIL 7/28
GREEN ZONE: The key levels hit so far on the week were the 377 short level + the 365 breakout level. Zoom gapped up over 364.888 to start the week on 7/26 , and once buyers started to hold (seen on a smaller time frame chart , 1 or 5 min) long trades were on the table , resulting in a continued push towards that 377 zone , woop woop.
RED ZONE: After the up move , zoom got rejected off the short level , and gave a nice push back under 365 , a great $10 + short trade , magnificent. Even after that sell , we ended up closing th day over the 365 level , so long trades were back on the table.
➡️ Now that we have maintained 365 for three trading days , it's possible we could be building momentum to break to the upside , so the levels for this remain the same for the time being. Keep an eye out for a 377 breakout for a move towards 385.
2. BOEING ($BA)
HOURLY UNTIL 7/28
GREEN ZONE + BLUE ARROW : There was 1 good trade opportunity on BA , as it held the 219-220 buy area to start the week on 7/26 (green zone + blue arrow). It gave a nice long trade that got towards that 226 target , boom boom .
➡️After that , there wasn't much of a clearplay , as we gapped over both resistance post ER , getting over 226 and 233. Ya you could've bought 219-220 trading it for earnings but I refrain from er trades unless they are lotto plays. Now for the remainder of the week , if we hold under that 233 zone i do expect a down move to at least visit the 226 zone. I will look for buyers down there . If we can hold 233 tomorrow , that would show increased buyer strength and that can give a long trade back to 238, 240 as well.
3. AIRBnB($ABNB)
HOURLY UNTIL 7/28
GREEN CIRCLE: ABNB was another picture perfect trade , we opened the week coming right into the 137.4 buy, and from there we got an immediate reaction to the upside clearing that 140.4 top zone and as off today , making a push into 143 ✅
➡️This one is looking primed for an upside breakout. Look for a 143 hold early tomorrow , and if we clear 144 , we will get a squeeze back into high 147, 148 , keep a look out for that 😉
4. COINBASE
HOURLY UNTIL 7/28
We started the week with a gap up on COIN , not allowing us a buy at 242 , but that is ok , the key levels still remained in tact. If you are a more experienced trader , playing the gap up on 7/26 gave a nice trade , especially when that 242 level began to hold we got a nice push towards 250 ✅. Now in terms of the levels here we are:
GREEN CIRCLE: 231 was a key level , and since we gapped over to start the week , we could've waited to buy dips. on 7/27 , we got a pullback into 231 , and once shorter time frames began to hold ( can be seen on 5 min) , the long trade was on the table . We got a pretty rapid reaction spiking into 241.4 off that bounce , giving another $10 long trade , woop woop.
➡️ Now for the week to continue, we spent all of today basing under 242, keeping that level in mind , if we can break and hold over today's high at 242.87 , we will get another push on the upside, this time most likely towards 258. If we break todays lows under 237, the door opens for a move back into 231.
5. TESLA ($TSLA)
Personally i didn't play TSLA this week , definitely missed the great short trade after earning but here we go.
We opened the week on a gap up , not giving a buy chance off 637 (unless you bought shares pre market , as it was holding that level. Even with that information in mind , seeing that hold , could've allowed at least a quick scalp on the upside (more clear to see on 5 min and 1 min charts).
RED ZONE: Besides that , after failing to close the day over 665 on 7/26 , we had earnings come out after hours , and that gave us a quick nice move into 665 for a short trade. (yes short trades could've been taken on 7/26's failed breakout), but off the short , we got a pretty quick push into 637. Since sell momentum was strong , and trend on day was down , we don't buy 637 on the first move down we wait. I threw up another key level around 628 where buyers stepped in , and off that 637 was recaptured. On the recapture long trades become valid again . We held the 637 (grey zone) again today, once again offering another good long trade.
➡️Tesla continues to struggle around 665 , and until it can break , i won't have any strong conviction either way. As the range on this stock continues to be 665- 623. We can take monday's low as a higher low in the bigger picture over the last few weeks, but still be cautious until we get that clear and hold at 665 !
Hope this helps get a little refreshed mind to end the week ! And if you would like to see more of these , please let me know down below :)
If you don't know how to utilize the key levels presented this post below: https://www.truetradellc.com/post/market-outlook-3-15-3-17
^^^here is a snippet of how the levels can be used ^^^
Check out past watchlist @ https://www.truetradellc.com/blog/categories/watchlists to see if any plays are still live or if the levels truly work 👀
** THIS IS NOT FINANCIAL ADVICE**
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