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Low Confidence, Limited Risk, Tilted Buy

List performance was slightly positive last week, but underperformed the market. Including picks still open at the end of the week, plus those stopped out during the week, the list had an average gain of 1.5% with an average holding period of 17 calendar days. This compares with the prior week’s drawdown of -0.4% on an average holding period of 15 calendar days. Non-subscribers click here for access.

Technical Trader subscribers click here to download the complete report.

The screening data lately has not kept up with the strength in the market averages, which are dominated by a few stocks. Non-subscribers click here for access.

The latest screens ferreted out 74 stocks that met buy side criteria on Friday before the trigger test. That was up from 32, the week before. There were just 14 sells versus 41 the week before. While the buys had a solid edge, it was not broad strength. Non-subscribers click here for access.

Next, I counted the signals that were triggered on Friday alone. After applying the trigger filters, none of the 14 sells hit their triggers on Friday, while 4 of the buys did. I liked two of them enough to add to the list and start tracking as of Monday. Non-subscribers click here for access.

With the 2 new picks and an existing pick stopped out last week, that will leave 5 buys and 2 shorts on the list for this week. 7 picks remains a low number relative to the 11 to 20 that we’ve typically had in recent months. This indicates low confidence and suggests limiting exposure. Non-subscribers click here for access.

5/6/24 For all picks closed out in April the average gain was 15.2% on an average holding period of 34 calendar days. Of those 7 were buys and 4 were shorts. 9 of the 11 picks close out were profitable. Non-subscribers click here for access.

Past performance does not suggest future results. Non-subscribers click here for access.

I have added or adjusted stops for several existing picks. New picks are added without stops. Risk management is assumed via multiple small positions that won’t break the bank if they go wrong.  Non-subscribers click here for access.

See the table and charts in the report. Non-subscribers click here for access.

Not a subscriber? Get price and time targets, and weekly swing trade chart picks, risk free for 90 days! 

The strategy and tactics opinions expressed in this report illustrate one particular approach to trading. No representation is made that it is the best approach, or even suitable for any particular investor. This is a developmental and experimental exercise, for the purpose of providing experienced chart traders with ideas and concepts to use or not use as they see fit.

Nothing in this report is meant as individual investment advice and you should not construe it as such. These picks are illustrative and theoretical.

This public report is not the full report.  Only subscribers have access to the full report and regular tracking of the theoretical picks and closeouts made in the reports.  Non-subscribers click here for access.

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Posted in 2 - Technical Trader
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