{"id":16417,"date":"2024-08-28T08:00:00","date_gmt":"2024-08-28T12:00:00","guid":{"rendered":"https:\/\/mtatradeoftheday.com\/?p=16417"},"modified":"2024-08-27T17:22:48","modified_gmt":"2024-08-27T21:22:48","slug":"by-focusing-on-price-action-and-a-setups-we-can-tune-out-the-noise-and-dramatically-increase-our-likelihood-of-success-in-trading","status":"publish","type":"post","link":"https:\/\/mtatradeoftheday.com\/by-focusing-on-price-action-and-a-setups-we-can-tune-out-the-noise-and-dramatically-increase-our-likelihood-of-success-in-trading\/","title":{"rendered":"“By focusing on price action and A+ setups, we can tune out the noise and dramatically increase our likelihood of success in trading"},"content":{"rendered":"

Legendary fund manager, Peter Lynch was once quoted as saying \u201cFar more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.\u201d<\/p>\n

I agree, trying to predict where a stock is headed based on news and current events can be detrimental to your long-term success as a trader and investor.<\/p>\n

That\u2019s why I try to turn off the \u201cnoise\u201d and focus on what matters most\u2014price action.<\/p>\n

My watchlist ideas and trades are almost always based on patterns and price action.<\/p>\n

And to help me stay in line, I use tools like the S.A.M AI Scanner. <\/a><\/u><\/p>\n

By focusing on A+ setups, my likelihood of success increases dramatically. It\u2019s how I was able to grow my trading account from $37K to $2.7 million in just four years.<\/p>\n

The setup and stock I want to bring to your attention today is Spotify Technology (SPOT).<\/p>\n

\"\"<\/p>\n

Spotify is a leading digital music and podcast streaming platform that allows users to listen to millions of songs and podcasts on-demand.<\/p>\n

The company operates on a freemium model, offering both free ad-supported and premium subscription tiers.<\/p>\n

Spotify reported strong second quarter results for 2024, exceeding expectations in several key areas. They saw higher-than-expected premium subscriber additions and achieved better-than-guided gross margins.<\/p>\n

The streaming giant is showing promising signs of improved profitability, aligning with their long-term goals for gross and operating margins.<\/p>\n

It is expanding beyond just music streaming, with significant investments in podcasts and audiobooks to diversify their content offerings. They’re also exploring AI-driven personalization features to enhance user experience.<\/p>\n

But I care less about that, and more so on the setup.<\/p>\n

After its earnings in July shares spiked above $340 from the $295 level.<\/p>\n

But sold off with the rest of the market in early August dropping to $300.<\/p>\n

It quickly rebounded back to the $340s which it has been consolidating for the past couple weeks.<\/p>\n

And that\u2019s exactly what I\u2019m looking for from earnings winners. After the big move up, I want to see if it can hold the new level and consolidate\u2013 which I do believe it did well.<\/p>\n

Shares are now making a run to its 52-week highs which is $359.38.<\/p>\n

Why do I think it has a chance of getting there and getting new 52-week highs?<\/p>\n

The stock is currently in a daily squeeze.<\/p>\n

A squeeze can signal a potential big move in a stock after a period of low volatility.<\/p>\n

Think of it like a pressure cooker – the longer the steam builds up inside, the more explosive the release when the valve finally gives way.<\/p>\n

Overall, I think the setup is there, and the chances of it going higher are likely.<\/p>\n

However, with NVIDIA earnings tonight, I do think it will have a significant influence on the tech sector overall.<\/p>\n

So that\u2019s something to be aware of.<\/p>\n

Your Action Plan: <\/strong>I\u2019m watching SPOT for a potential long in my Daily Profits Live Portfolio<\/a><\/u>. <\/strong>If I do take it, I will be using call options to express my position.<\/p>\n

The stock has a good chance over the next week or two to break above its 52-week highs, with stacked EMA\u2019s and a daily squeeze working in its favor.<\/p>\n

If you\u2019d like to learn more about my trading style and how to watch me in Daily Profits Live, check this out. <\/a><\/u><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Legendary fund manager, Peter Lynch was once quoted as saying \u201cFar more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.\u201d I agree, trying to predict where a stock is headed based on news and current events can be detrimental to your long-term … Continued<\/a><\/p>\n","protected":false},"author":16393,"featured_media":16416,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1467],"tags":[],"mobile_app_tag":[],"acf":{"watchlist_for_app":null},"yoast_head":"\n"By focusing on price action and A+ setups, we can tune out the noise and dramatically increase our likelihood of success in trading - Trade of the Day<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mtatradeoftheday.com\/by-focusing-on-price-action-and-a-setups-we-can-tune-out-the-noise-and-dramatically-increase-our-likelihood-of-success-in-trading\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\""By focusing on price action and A+ setups, we can tune out the noise and dramatically increase our likelihood of success in trading\" \/>\n<meta property=\"og:description\" content=\"Legendary fund manager, Peter Lynch was once quoted as saying \u201cFar more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.\u201d I agree, trying to predict where a stock is headed based on news and current events can be detrimental to your long-term … Continued\" \/>\n<meta property=\"og:url\" content=\"https:\/\/mtatradeoftheday.com\/by-focusing-on-price-action-and-a-setups-we-can-tune-out-the-noise-and-dramatically-increase-our-likelihood-of-success-in-trading\/\" \/>\n<meta property=\"og:site_name\" content=\"Trade of the Day\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-28T12:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-08-27T21:22:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mtatradeoftheday.com\/wp-content\/uploads\/2024\/08\/shutterstock_2469502691.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"334\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nathan Bear\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nathan Bear\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/mtatradeoftheday.com\/by-focusing-on-price-action-and-a-setups-we-can-tune-out-the-noise-and-dramatically-increase-our-likelihood-of-success-in-trading\/\",\"url\":\"https:\/\/mtatradeoftheday.com\/by-focusing-on-price-action-and-a-setups-we-can-tune-out-the-noise-and-dramatically-increase-our-likelihood-of-success-in-trading\/\",\"name\":\"\\\"By focusing on price action and A+ setups, we can tune out the noise and dramatically increase our likelihood of success in trading - 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