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This is Why Keeping a Watchlist is Absolutely Crucial


Maintaining a watchlist of stocks is absolutely crucial if you want to find success in the markets.

If your watchlist is getting overcrowded, don’t hesitate to split them up. I actually have several watchlists that I follow.

And as regular readers know, I scour my various watchlists each week and share three of my favorite stocks with you every Monday.

Sometimes those stocks trigger an entry the same week that the watchlist is published. Sometimes they don’t.

But unless they break down and the set-up falls apart, they stay on my list.

Case in point… Evercore Inc. (EVR).

This stock was first added to the Traders Daily Direction Watchlist on Sept. 20.

As a reminder, this is a New York-based bank focused on mergers and acquisitions as well as corporate deals.

At the time, this is how the chart was setting up…

Daily Chart of Evercore Inc. (EVR) — Source: TradingView

The next day, the stock gapped down.

But the retracement was shallow, and it did not break the previous low.

Daily Chart of Evercore Inc. (EVR) with Gap Down & Breakout — Source: TradingView

The stock continued to tighten with a 5% pullback and eventually broke out on Oct. 4.

That’s when I bought it.

As of Monday morning, I am up 11.41% on the position, and it barely went against me at all.

Not every trade on my watchlist works out, however.

I put Navios Maritime Partners L.P. (NMM) on the list the same day I added EVR.

This was the set-up at the time…

Daily Chart of Navios Maritime Partners L.P. (NMM) — Source: TradingView

If triggered, the stop was going to be at $28.40.

But before it hit our entry price, NMM gapped down big.

Shares were down 21% off their high — well beyond my allowable stop loss.

Daily Chart of Navios Maritime Partners L.P. (NMM) with Gap Down — Source: TradingView

The set-up fell apart before it ever hit my entry price.

I never bought the stock, and NMM was removed from my list.

If you aren’t using a watchlist yet, I encourage you to do so.

Personally, I use TradingView to keep several watchlists of names I am following.

Here’s an example of what that looks like…

My TradingView Watchlist

TradingView also allows me to set alerts that will notify me when key levels are hit.

This makes it easy to keep an eye on dozens of stocks and never miss when one is  breaking out.

Of course, I’ll keep you in the loop and let you know when any of our Watchlist stocks are making moves.

But for your own trading, keeping a watchlist is an absolutely crucial part of having a solid trading strategy.

Embrace the Surge,

Ross Givens

Editor, Traders Daily Direction

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