Hope everyone had a great long weekend!
Market is back into squeeze mode semi's are going nuts.
Steel last week offered a brief pause in the move which is a GREAT example of what I am talking about when I say taking advantage of an over extension and profit taking and MOVING on, it's a TRADE not a BIAS. Most folks when they see someone short sell something they think BEARISH, stock is peaked, it's over etc. Is that really the case? Or just opportunity knocking?
- Obvious Trade? Crowd? VIAC?
- Big Picture Breakouts
- Sector Rotation (NFTs, Steel, Semiconductors)
- The Patience Trade Is Back (Too Many, People Forget)
- SNOA always look left
- Scanz: Brett Johnston
- T-shirt: Ghislain
How could you be so patient with profit taking in $TAOP trade ?
— Trades4Freedom (@FreedomTrades4) April 2, 2021
TAOP always look left (What Stage Of Promotion?) WKEY Etc.
Pre market and after market trading. Do you think is worth it? Liquidity traps
— Sergio (@colombiasergios) April 2, 2021
My biggest issue has been letting trades play out bigger picture. Maybe I’m taking too much size on entry and should scale on dips. I have taken losses and small wins that should’ve been big wins. I doing this part time with the hope I can be full time. Need to be consistent 1st
— Matty (@mattyfdaily) April 2, 2021
Where you set mental stops.
— Rory Felton 罗伊 (@Roryfelton) April 2, 2021
Not letting my winners win enough
— DOM (@xDOM1NIC) April 2, 2021
Would you consider that over time you develop some sort of intuition or some feeling that it gives you one extra second to make your decision before the crowd ? Or this is just a myth in the trading world ?
— Bogdan Dumitrescu (@mr_dumitrescu) April 3, 2021
As a relatively new trader, kind of struggling with information overload and how to effectively sift through it.
— KOE (@koe271) April 2, 2021
Video Scan and Game Plan
Stocks to Watch
PLTR really just depends on the market over all in my opinion but I'll be watching $23.10-20s as a key level. 9:45-10AM + trend join vs. VWAP for me.
UXIN nice stand out move on Thursday think they trapped well into VWAP midday with the ol' sub VWAP trap and reclaim that we see every day pre market only this time midday. Traded it short into VWAP Thursday and then as noted liked it for a gapper possible $2.20s - we got there ++ AHs so locked in have minimal left. Ideally some sort big gap up and blow off for the fade or if relatively flat/weak open $1.90s consolidation will look for break out trade & continuation.
TQQQ melt up mode engaged thinking we have a major trade coming - nothing to step in front of but a trade is near. Gap up and fade, gap up and parabolic or weak open and failed follow through that's what I'll be prepared for. Know what it is you're trading, know what makes it move and why - this is not a stock. Do basic research before trading it and understand how to trade ETFs.
SOXL same deal going to put price alerts on this one and zone in for the trade alongside TQQQ and others.
Failed Follow Through:
SNOA always look left !! Ideally morning shove and fade back to sub $8s
ACY great opportunity on this one Thursday if you were patient. I did trade it long on the first move but after the first couple circuit halts the volume really started to churn and being recent Chapter 11 and AMEX the risk for me was just too long on the long side no matter how much I thought shorts were trapped and how high it could go - isn't worth it because the one time it halts and delist or halts and opens 50% lower you understand why it wasn't worth the trade. Nice discussion in the Trader's Lounge noting the difference in tape and key level giving a nice trade into close. Should be another nice opportunity back down Monday - I think Thursday was shorts being too aggressive, ETB at one popular clearing firm, tiny float squeeze everyone out and walk for the long weekend. At the end of the day the float IS tiny so if it does hold be cautious but higher the better and fails I could see this fading down $3-4 on Mon/Tues.
WAFU morning shove is ideal likely finds it's way back to $7-8 in the next week or so.
HOFV we had some extra lives on this one with DLPN and a few others keeping the NFT sector up ie: WKEY daily PRs etc -- but in the end I think bag holder creation is here. Sure will be some outlier moves here and there but be cautious over holding trends once the momentum has shifted.
RMO much like XL nothing has faded too much I could easily see this fading $5-6 near terms. Any good pops intraday etc. most avoid these because they have faded so much but they really do still provide .60-.70-.80 pulls when you look back a day later and that can really add up. Setting price alerts.
YVR higher better vs $4s
PAVM pretty solid trend here intraday will be watching vs $4.80s if this starts to build for possible break out trade.
RAIL not bad so far watching all dips this time like vs. $6.30-6.50s as a guide for risk. Solid big picture idea so far.
PFMT dips for possible break out -- been long since noted on scans last week was thinking it'd re-test recent highs and we're almost there. Felt to me like a transitional day that 130M+ vol day -- bought into close and added on Wednesday.
BNTC felt like a buyer was present on Thursday but not in a rush like I wrote in the room. They came right back -- thin name but been swinging it lets see what happens. Was a nice trade the first go around been re loading dips like noted Wednesday big picture idea but still has a lot to prove. The amount of volume it had the other day if this gets momentum again it could go bananas but to be SAFE we have to assume it fails. For me NEVER buy break out, only when no one wants.
CREG took a small turn up this week.
YGMZ nice shove at close - participated long - letting it work. Assume fails if it does I'll be moving along if not I'll scale into winner. Suggested locking given how fast that $1/share move was but was a crazy runner when it went the first time so easily could be 30-50% ripper if it wants.