4/17 Watchlist + Notes

17 Apr 2023

SPY - Last week we went 4/5 on predictions with SPY. Friday I said I wanted to see a push higher, which we did end up getting before closing as a failed 2U on the daily. The daily candle was decently neutral, but still is bearish due to it being a failed 2U. Going into Monday, I am hoping for some downside. We retraced over 50% of Thursday's range which leads me to believe we can create a compound engulfing day by breaking Thursday's low at 407.99. I am overall pretty neutral going into Monday because I think we closed strong on the week and could easily test last week's high. I think we have more reasons to be bearish on Monday though, which could make the week play out in a way where we see initial pullback or consolidation before testing weekly highs. At the end of the day, you can't and shouldn't fight the trend, so keep that in mind for the week. As we push into the 2nd half of the month, we can expect price action to be less volatile. I think this week will be very evident of whether we want to push to the 420 area, or begin a larger reversal. With the FED admitting they expect a recession in the fall/winter, I am curious to see how the markets will react as time progresses from now till the end of the year.

Watchlist:
I am starting a small challenge account this week, so the plays on my watchlists will be slightly different than my normal lists and main watches. As always though, I will keep the scanner for weekly and daily setups in the photo on my idea. Just look at potential 3-1 and potential 2-1 to see all setups. With that being said, I will keep an eye on everything on my scanners, but here is what I am specifically watching for tomorrow:

RBLX - 3-1-2 Rev strat - Bullish
PEP - 3-1 daily and 2-1 weekly - Neutral
MSFT - 2-1 Daily + Broadening Formation on the daily: Neutral
KO - 2-1 Daily + BF on daily: Bearish
PG - Same thing as KO and MSFT: Neutral
COST - 3-1 Weekly - Bearish
CAT - 3-1 Weekly - Bullish

Main Watch:
TSLA - Was last Friday's main watch. Never broke out
RBLX - This setup is really good with minimal complaints from me. RBLX has been strong these past few weeks and I think it will continue to head higher. We are also sitting on a long rising trend line on the daily. What I am looking for is for us to break Friday's high and then target the high from last thursday to create a compound engulfing candle. This setup has potential to hit all the way up in the 53-54 range on a larger time frame, but for tomorrow we have solid potential for a 2-3% move on RBLX from entry. I will make a seperate post about RBLX with my charts for it because it would be a lot to explain otherwise so be sure to check that out. My Only concern with this setup is that it may need some pullback further before heading higher to follow suit with the broadening formation. This play will really be dependent on whether we break the high or low of Friday first, and also how much RBLX reacts to market movement assuming the markets follow our bearish bias. Just a few things to consider

Previous Main Watch:
PYPL: Winner. Ran over 250% from entry. Absolute banger
TSLA: Never broke out of 3-1 so now is 3-1-1 setup. Not a win or loss.

Stats From Last Weeks Watchlists:
4/5 Spy Predictions
4/6 Main Watch Plays
Top Winner: PYPL (250%+)

Personal Stats:
2/4 On the week
Overall Green
Kept losses small and wins big. Even with a 50% win rate we were still solid green on the week. Let's do it again this week

Personal Notes from this week:
- Patience is key to success as evident by my trades this week.
- Broadening Formations are incredibly accurate on bigger scales. Cannot recommend researching Broadening Formations enough. They are a cheat code to trading