Top 5 Weekly Trade Ideas #2 - Mag 7 Breakout
The mag 7 recently gapped up above the 1,900 level and has continued higher since. This has been an important level in the past and is clearly still important. There are several trade ideas in this one. The main one I would be watching for is longs at 1,900. If it breaks below, stop out and maybe short on a retest.
We have supply/ATH near 2,020, after the recent bull flag break and reclaim of 1,900 you would expect more momentum up, so you could look to buy dips somewhere along the way, but I'd rather wait for a pullback to 1,900 or a short at supply/ATH. If ATH is broken, you could look for a retest to long as well. Supply/ATH is also right where the flag pole target is.
For now, it's smack in the middle of the range and I'd consider that diddling in the middle. so I'm waiting personally. You obviously can't trade this directly, but if it's weak and falls below 1,900 I'd look to short weaker names in the mag 7 (GOOGL). If it continues higher I'd look to long the stronger names (META MSFT)
We have supply/ATH near 2,020, after the recent bull flag break and reclaim of 1,900 you would expect more momentum up, so you could look to buy dips somewhere along the way, but I'd rather wait for a pullback to 1,900 or a short at supply/ATH. If ATH is broken, you could look for a retest to long as well. Supply/ATH is also right where the flag pole target is.
For now, it's smack in the middle of the range and I'd consider that diddling in the middle. so I'm waiting personally. You obviously can't trade this directly, but if it's weak and falls below 1,900 I'd look to short weaker names in the mag 7 (GOOGL). If it continues higher I'd look to long the stronger names (META MSFT)
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advancedplays.com/short-thesis.pdf
Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes.
ko-fi.com/advancedplays/tiers
Short Thesis:
advancedplays.com/short-thesis.pdf
Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes.
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