There might not be a play every day that suits your setup, but that doesn't mean you shouldn't be ready for the next opportunity…
For example, I send my watchlist for the week out every Sunday. But I don't know for sure which stock will move and on which day.
That's where you have to put in the work.
Just like if you were hunting, you wouldn't go out and try to get a deer without target practice first…
In trading, you have to be primed and ready to strike when the right trade comes along. That means knowing which chart pattern to look for and trade, and what your trading plan is.
Let's look at a few stocks from my watchlist to give you an idea of how to stalk a stock for the right play…
My two oil and gas swing trade ideas this week are Occidental Petroleum Corporation (NYSE: OXY) and Exxon Mobil Corporation (NYSE: XOM). I've been talking about them for months.
If you've been following my watchlist for a while, maybe you're already riding the momentum.
But what if you're not in yet and you're looking for an entry?
Both stocks are close to their 52-week highs. So you could set an alert near that level and wait for it to trigger. Then you can enter on the breakout and ride any upside momentum.
Get my four tips for trading breakouts here.
Learn how to avoid false breakouts here.
Another option is to wait for red-to-green moves. This strategy would need a bit more of your attention.
You'd have to change your alert levels each day or watch the stocks closely for the move...
You'd also have to monitor them near resistance levels to determine if you want to take any potential profits or see if it can break above resistance and keep going higher.
Like I've said in the past, I think oil and gas stocks are far from done.
But instead of sitting around and waiting all day — like you would hunting or fishing — you can use the power of technology to help you stalk the best plays.
Use StocksToTrade's powerful scanners to help you find big percent gainers each day...
And use alerts to save you the time and frustration of sitting around waiting for stock moves that might never come.
Plus StocksToTrade's built-in Oracle algorithm can help you find the top 20 potential trades every trading day. And it gives you levels to help you plan your trades.
Want to see what it can do for you? Watch this!
And get your special limited-time pricing here.
And if you don't see your perfect shot, or get skunked today…
You can always be ready for the next one tomorrow.
Have a great day everyone.
Tim Bohen
Lead Trainer, StocksToTrade
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