Trade setups August part 2
Hi everyone!
SPY 0.00%↑
Last 2 weeks I gave the short trigger to short 551 to target 516 which we met before finding a relief bounce back to 533.
As of now I am neutral and watching the 50d sma above and the 200d sma below.
Currently multiple bearish patterns active and obvious downtrend
Not looking like a clean low yet so stay cautious if positioning long.
Trade Ideas:
1. Long 535.84 to target 543.23 (50dsma). Expecting major resistance there
2. Long any failed breakdowns around 519-522 to test 543.
3. Short below 519 to target 200dsma at 501.91.
AAPL 0.00%↑
Last 2 weeks I mentioned below 219.26 we could sell down into 205 which we did and went lower into my red box. From there we had a sharp bounce and now we are retesting the downtrend line.
Trade ideas:
1. If downtrend line is broken and we are trading over 219.26 we could continue back higher to retest recent highs in 232-237 area.
2. If we reject and revisit the red box, can short down into 191 and 183.
NVDA 0.00%↑
Obvious downtrend which we had mentioned below 122 we could see 97 (red box).
Trade Ideas:
1. Above the red box longs are ok with a stop at the red box.
2. Below the red box, switch to shorts and target the 200dsma
TSLA 0.00%↑
Same common trend as all the others where it is near a retest of the downtrend line. Both the 50d sma and 200d sma above it.
Trade Ideas:
1. Long over 206 with stop loss at 200 to target 224-230
2. Short under 190 with stop loss at 196 to target 180, 172
Keep reading with a 7-day free trial
Subscribe to JR28 TRADING SUBSTACK to keep reading this post and get 7 days of free access to the full post archives.