There are two videos below. One video, I am going to show you stocks that I came up with for my list for the start of the trading week and explain the chart patterns and why.
The other is a review of trades for last week and results that I share with letter subscribers.
Successful trading is all about objectively trading high-odd setups, entering with proper position size, then using proper money/risk management to manage in between.
We scan for Setups using these approaches:
- Scans that we have set up on TC2000 looking for MTS Patterns on multiple time frames.
- The top-Down approach, where we have a bias in the broader markets, then for bullish or bearish Sector ETFs, we then manually look at all the components for the best Setups.
- Sometimes – as we did in this VIDEO below – we scan the S&P 500 components looking for compelling Setups either for trade recommendations or to put on our “interest list.” Watch and I will explain in detail.
This video describes the technical Setups of the various bullish or bearish candlestick patterns in multiple time frames that we found scanning the S&P 500 in our Green Room Friday afternoon with subscribers in the room:
[s3mm type=”video” files=”Chart of Week/S and P 500 Review_edit.mp4″ /]
Here’s an example of a credit spread in the S&P 500 ETF symbol SPY with comments for the trade (the why) and the chart below that we are recommending in our Weekly Options Trader
Considering the price movement in the S&P 500, a move above last week’s high should result in a move higher above the 200-day moving average.
Last week’s sideways consolidation was a “resting period” that should provide a level of price support and a “launching pad” for higher prices.
5/26: SPY – Over $297.87, consider shorting May (5/29) $291/281 bull put credit spread for a limit of $1.00/share (closed at $1.39/share). Breakout at 200-MA daily. Stop $291.94.
Below is the weekend video which reviews open and closed trades sent to subscribers of the Weekly Options Trader Letter.
Last week the Weekly Options Letter closed 13 for 13 Winning GAINS on last week’s short credit spread income trades:
[s3mm type=”video” source=”cloudfront” files=”Dan – Letter Videos/weekly 200523.mp4″ /]
Learn how Master Trader Technical Strategies – MTS and MTS with Options Strategies can make consistent money.
Click Here – to Access the Options Credit Spread Program that puts you on the Master Trader Income Path.
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Happy trading! If you have any questions or comments, please e-mail Greg Capra at Greg@mastertrader.com or Dan Gibby at Dan@mastertrader.com
All the best,
Greg Capra Managing Director of Master Trader
Dan Gibby Chief Options Strategist
NOTE: Master Trader will show the opening and closing prices of all stock and options trades. We recommend that all traders and investors use proper share sizing for positions and money management. However, we cannot recommend what that is for your particular trading style, risk tolerance, or account balance. We urge you to calculate your own share/position size based on your individualized risk parameters, Trading Plan, and familiarity with the proposed trade strategy and risk. Advanced Management Strategies (AMS) covers in detail foundational and advanced position and money management.
NOTE: Master Trader and its representatives may have existing positions in actual or other trade recommendations before or after suggested herein. Additionally, we may manage them differently for internal purposes based on different risk parameters than noted herein. All trade ideas and content are for informational and educational purposes only. It is not, nor is it intended to be, trading or investment advice or a recommendation that any security, option, or investment strategy is suitable for any person. Trading securities can involve high risk and the loss of any funds. Investment or trading information provided may not be appropriate for all investors, and is provided without respect to individual financial sophistication, financial situation, investing time horizon or risk tolerance. Supporting documentation for any claims (including claims made on behalf of options programs), comparison, statistics, or other technical data, if applicable, will be supplied upon request. Master Trader Consulting, Inc. is not a licensed financial advisor, registered investment advisor, or a registered broker-dealer. Options, futures, and futures options are not suitable for all investors.
