The market continues to propel forward and give countless opportunities.
The big one last week was AMD (with the put buy) as well as the short trade. We had some great social media pushed fades which continue to pay nicely.
EJH was this week's heads up on Chinese pump scam in the room - felt like UTME SNTG, etc (the ones we went over in the room) TIRX RCON, etc. you name it. Got a solid piece of it but clearly left a decent chunk - what are you gonna do? But - timing and heads up was MAJOR.
Past few Sunday video discussions have been everything we need for the current market.
- David Mizrahi
- Simen Piper
Stop trading to trade. Let trades come to you vs. hunting for the trade.
What is the opportunity? Micro vs. Macro?
Stop trading to trade, stop finding trades to trade and let the trades come to you.
Micro vs. Macro.
Income vs. Wealth.
Linear Growth vs. Exponential Scalable Growth.
Work for the trade vs. let the trade work for you.
Focus on being a better you tomorrow.
— Nathan Michaud (@InvestorsLive) August 6, 2021
Front side ASTR AMD etc. looking left - getting a feel for what needs to fail in order to become patient vs. proactive.
In my earlier days of developing strategy this is where I lost most of my $$ because I put more conviction into thinking it SHOULD fail vs. waiting for it to fail.
My question is: is this the type of market where you can let a trade work or do you take what you get before it reverses an hour later?
— Dan (@babyface_assn) August 8, 2021
How do you identify a quiet fader based on prior day action?
— Saveforblood (@Saveforblood) August 8, 2021
Using Finviz, what filters do you use in you scan?
— Troy Mohr (@ProTraderTroy) August 8, 2021
How to identify when an algo enters a stock on the chart?
— Newstonktrader (@JoelWat02616826) August 8, 2021
Video Scan and Game Plan
Stocks to Watch
BTBT - Bitcoin continues to break out and this will continue to grind. Don't try to find top here. There is two edges on this trade: Parabolic move (likely an avoid for most) otherwise failed follow through momentum with Bitcoin agreement. There is a good chance you will pre exhaust if you continue to try to find the top on this one. One thing is for sure - when and if it gaps down, fails, breaks down -- there will be way more downside than you think and you don't need to fear missing it and try to catch the top. PATIENCE.
MVIS higher better - somehow they always figure out how to trap shorts and hang around longer than you think. In my opinion there will be a nice $1.50-1.70 down day soon - I'll wait for either parabolic move to start in or failed follow through trend join vs. resistance/VWAP.
TQQQ still hanging on - perma watch at this point for the next $3-5 break out to sit back to this level or for the next $5-8 down day.
FTFT nice break out Friday - kept some over sold some AHs - ideally they launch it and give a nice fade back AHs.
FSLY nice idea tweeted on Thursday - worked out well. Still looking to join dips vs $40.50s now if they firm up for potential break out trade gap fill.
BYSI dips possible steady break out again - feel like they worked out all gap sellers, brought shorts in and now should stabilize and grind higher over the short term.
FLGC break out watch - kept the swing on posted the thought process in the $10 range - shoulda died, feel like shorts are stuck. If you are buying break out I think you're asking for it. The only edge here IMO is to sell strength and buy when it looks like trash. That's what I've done - until trend either blows off, goes circuit to circuit or failed follow through. Overall holding well and I will not marry it if it starts to go sideways.
Failed Follow Through:
KXIN watch for morning shove $3.20-3.30 and failed follow through
ANY higher better and looking for failed follow through ideally $5.10-5.20 + push and sit back - great broadcast idea on Friday!
GRPN higher better and failed follow through - nice unwind Friday.
GLBE pops vs VWAP 945-10AM+
ACY quiet fader prob back to $15-18 on light vol.
BTU biggest picture continued break out