Recap: Sabato's Market Watchlist 10/11-10/15
Welcome back everyone. This week we had a really nice runner in Upstart: $UPST. This week's watchlist went 3 for 4 on the main watchlist. One play was void and never reached entry. No bonus plays this week.... Our members made some great profits again this week. Hope you caught some off the watchlist, too! Check out the watchlist here.
In this recap, I will get into some further detail about why I picked last week's trades and how they did. I like to keep these short and sweet....
If you want to skip down to a certain play, click the corresponding link: SBA, $AMD, $UPST, and $SQ.
1.Boeing:$BA
Why I picked this trade:
$BA has respected it's downtrend on a daily, rejected the 200 SMA, and has put in support repeatedly at $226 area. I liked long over 228.5, short below $226 down to 221.5.
Here's what happened:
$BA broke over $228.5 on 10/11, then rejected $232 area and closed the day back under 228.5
We opened 10/12 below $226 and did not look back
Daily chart:
30 min chart:
How I would execute the trade:
Upside: On break of $228.5, calls would be entered on 10/11. The down trend would be my first target. I would then adjust my SL to break even. After break of $230, I would exit all of my position and leave one runner at a SL well within profit.
Downside: On the break of $226 on 10/12, I'd consider a short scalp, but because we got a break of this key level late in the day. I'd track this for a larger dip the next day. Once we got the premarket rejection of $226 on 10/13, I'd look to enter puts at market open if we open below 226, which we did. I'd then take profits at the levels indicated. At 221.5 , I'd trim my position and change my SL to at least 5% profit, break even at most. At 219.8, I'd be out of my full position. If you'd like, leave one contract as a runner at break even stop.
2. Advanced Micro Devices: $AMD
Why I picked this trade:
We had clear support, resistance, and a downtrend on a daily. That means we'd eventually break one way or another.
Here's what happened:
$AMD came down to support around $103.75 and closed above on 10/11
$AMD then held the next day and finally broke $107 for entry on 10/13
Daily chart:
30 minute chart:
How I would execute the trade:
Upside: Holding the $103.75 level for support on 10/11 and 10/12 was a good indication the stock wanted to head higher. On the break of $107 in combination of the gap up on at open on 10/13, I'd enter calls. I would trim my position at $108.3 and set my SL to break even. I would then take more profit at $109.3 and set my SL of my last contract to the contract price I sold my first trim at when I took profits at $108.3.
Downside: No play tot he downside
3.Upstart Holdings: $UPST
Why I picked this trade:
$UPST formed a range on the daily. I liked calls over $324.5 and puts below 304 and 21 SMA for further confirmation/1st price target...
Here's what happened:
$UPST closed under $316.81 and above $304 on 10/11, further validating the range on a daily.
The next day, $UPST blew through resistance and did not look back
Daily Chart:
30 min chart:
How I would execute the trade:
Upside: Support at $304 being held on 10/11 was a good indication for an upside play. Once $UPST broke 316.8, I would get in an early position and take profits on all but one at 324.5. Again, I'd set SL for at least 5% profits. To go with the original plan, I would get in more calls on break of 324.5 and take profit 330 then 340 while making sure to set SL to worst case break even.
Downside: No play to the downside presented itself
4.Squre: $SQ
Why I picked this trade:
$SQ had some clear resistance while making lower highs. Clear support was sitting at 226.5 area. I was long over 252.8 and short below 226.5.
Here's what happened:
$SQ never triggered entry for either downside or upside. Play is still valid for the future.
Daily chart:
30 minute chart:
How I would execute the trade:
Upside: Entry never reached.
Downside: Entry never reached.
Bonus plays:
No Bonus plays published this week.
Until next time....
- Sabato
That's if for this recap. I hope this helps you understand my style more and explains my methods. It was a great week for call outs! Join our discord for free. Let me know you saw this post! 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** I can do this on and on for every stock , but the best way to get them live is by joining the chat ;) https://www.truetradellc.com/stock-signals-membership Email: truetrade1313@gmail.com Instagram: https://www.instagram.com/basement_financials/ Website: https://www.truetradellc.com/ Twitter: https://twitter.com/Bsement_Finance