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Pro Traders Watch List Revealed!

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April 20, 2015 – Comments (0) | RELATED TICKERS: FCX , X , ZG

These are three potential trade setups I am looking at for this week (on my watch list). All have multiple factors that signal an extremely high reward stock chart setup that is forming. This is how the pros analyze charts and make big profits. Notice how all plays have strong price direction and are retrace candidates. Ultimately, look for strong stocks that are pausing/pulling back for a buy. Once you see that, just patiently wait for the pattern to form and the right price to hit. A time count gives added high reward, low risk points.

 

This past week, Zillow Group Inc (NASDAQ:Z) warned on their upcoming earnings. The stock was halted before this news was released and upon re-opening, it dropped sharply. However, institutional buyers quickly stepped in and bought. The stock reversed to close flat. The following days saw consolidation. Due to the high volume reversal and following consolidation, this stock has a high chance of moving up. The key is looking for the right pattern to form. Should it pull back slightly and continue to consolidate, this could be a great trade setup for a buy. Looking for $90 or below. 

 

 

 

United States Steel Corporation (NYSE:X) broke out early last week. As the market weekend sharply later in the week, it pulled back. This is exactly what a trader is looking for. This is called a retrace into the scene of the crime (into the breakout level). Traders love this setup as it is high reward, low risk. What is even better? The stock has the 50MA and 20MA right at that level as well. This gives it more support and ultimately makes it safer. Look for a pull back into the $24.75 level or slightly lower.

 

 

 

Freeport-McMoRan Inc (NYSE:FCX) broke out last week with on high volume. It has now started to consolidate in the upper range of the breakout candle. Look for continued consolidation over the next few days as a slow retrace to the $19.50 level. Just like U.S. Steel, it has extra added support of the daily 20MA and 50MA. The buy range starts around the $19.50 area. This is a classic setup should it continue to form.  

 

 

 

Gareth Soloway

InTheMoneyStocks

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