I hope everyone had a super enjoyable weekend so far!
It's been an incredible start to 2021 - making 2020 look like child's play.
That's great and all but every day we need to remind ourselves to re-center, reset, refocus, and "NEXT" mentality. It's so easy to get aggressive, get overconfident and make really bad decisions. You're one decision away from a bad bad bad trade with poor risk management.
There were some crazy squeezes this week. CRAZY ones.
Here's the thing - you won't know if you have good risk management until it's too late. Sure you can make a plan, you can say you'll do something -- but DO YOU? That's why every great trader as at least one war story if not multiple to share. Until you feel that pain, that burn - you don't know until you know. That's why I stress PROCESS and RISK MANAGEMENT so much.
That's why I discussed the MELT UP last week - ie: GME
Lastly, before I get into scan topics and names:
If you only read scan on Sunday nights and don't watch the video you're missing out on a ton of intel for the week ahead. If you don't show up for the morning broadcast you're missing a ton of intel. Every morning at 8:50 AM I go over exactly my goals and thoughts based on pre-market action. Most of my big picture ideas come for discussions on days like today. I assume you know what I've discussed in the room.
Occasionally I do a post about stepping it up. Making sure you're firing on all cylinders. Making sure you're not just showing up and half-assing it. Every now and then I get that sense - based on DMs and PMs and overall sentiment of questions and thus I write a big intro to scan.
Do you put in the work?
I get so many PMs and DMs that ask me my thoughts and game plan on names that I go over on scan -- or after a trade happens "Ugh wish I saw that one how'd you find it or see it?" "Damn, how'd I miss that?"
Want to be successful? What to be an elite trader?
I put in the work.
I show up.
Make sure you do too.
THIS IS THE TIME.
Do you want it or not?
- Reverse Engineer Things
- Stop acting surprised
- Millennial way
- Joining trend
- Melt up mode (discussed last week)
Video Scan and Game Plan
Stocks to Watch
EXPR nice move AHs - it was pushed off the GME action as one of those types that could turn into a short squeeze. I kept a bunch over sold most AHs and faded it back down - carrying a small balance long just in case. I am hopeful for a big gap up and some type of opportunity to fade it back down. Should be great the volume was big.
AMC nice set up so far - current state of the market is everything is the next GME so they're going down the list of the high short % names and going for it. Great long idea last Thursday and Friday offering some great fades back before launching off GME on Friday - killer long idea in the room at $2.93 🙂 Going to offer some nice back and forth this week - love this price range love the volume remaining perma unbiased but should offer multiple trades to be prepared for.
NNDM so far melt up mode engaged the Cathie Wood special. It works until it doesn't work but so far everyone blinding following her is working well. $13.60-13.80 was key level posted in room on Friday - held it well before the squeeze up. Looking either for weak open and rally back for $15-16 blow off or gap up and fade. I am NOT looking to be "short biased" only I am looking to react to a BIG move or join the fade -- otherwise let this thing keep on going.
PLTR looked like toast last week, chart about to break down failed to break out and then bam squeeze Friday. I totally had counted this one out but once things started to push on Friday you can see how clean of a set up it was vs. VWAP - we should have either weak open and red/green set up (I'll go over on the video) or gap up morning shove 945-10AM+ and then looking for trend join.
Failed Follow Through:
ADMP pretty incredible opportunity last week - great short and even better looking left example which we talk about every single day. Ideally has a bit of follow through before filling the gap.
AZRX difference between front side and back side post exhaustion. Started in but never scaled until back side confirmation - posted the entry in the room covered most into the bell. Daily example of what I am looking for but it'd be nice to have another gap and opportunity here before ultimate short term fail.
DNMR stalking this with price alerts. It's going to be a great opportunity very soon. Good volume good trend. You don't need to find the top. Just looking to be part of the profit taking.
EH ideally finishes the squeeze this week and produces a good trade. If this move doesn't make sense do the trick I've talked about before - divide it by $10 and think about what would make a good trade? If this was $6-7 move would you want $8-10 parabolic? If so, why is it any different? Watch with rest of the sector.
POLA swing from last week produced! Hope many captured the upside. I sold all out on Friday from the mid $7s nice feel on last weeks scan. Thinking we could go into YOLO mode this week - BUT if not, not going to force the trade. Check SUNW SOL etc - don't underestimate anything.
PPSI another swing trade that I listed on scan last night that I took with POLA SPI etc - working well another one that I shaved most of it off but then I started to re buy the dips into close. Lower better as long as over all trend holds BUT again if it continues to fail don't need to turn a great trade into a lousy one. I'd love to see this take a leg up soon and turn into a mini POLA but we'll see. It's already doubled since the swing entry in room.
TIGR is an official triple + Thursday as noted I sold a bunch since it was up nearly $4/share that day I figured some profit taking HOWEVER I re put on a few into weakness Friday - this was my very best trade ever in 17-18 years (and I haven't even sold it all) which followed the foot steps of my very best trade ever in December. Hey, they can come anytime. Sometimes they'll take one week other times they'll take nearly 20 years to hit a bucket list item. But, you show up you do the work you have the best chance at it happening.
BQ this was a trade idea last week on scan - as noted I was positioned and looking to build over time. It doesn't show it on this daily chart but the stock hit $12.33 and traded a lot at $12 AHs on Thursday. Pretty damn insane. That's an official double on the swing trade. I downsized my position given that it went from $9 to $12 AHs - there was some crazy bidders. At this point I am looking to see it CONFIRM my thoughts of last week and scale ONCE it firms up and post consolidation proves to head higher. The worst thing you can do is just add add add when trend doesn't confirm. Remember I spelled this all out last week - who what when where and why and compared my thought process to TIGR.
POAI nice swing last week I actually sold all the way out but once again offering name gets soaked so I will be looking to participate dips vs $1.20s.
WYY looking to tuck this one away medium term feels like if we hold $12-13 we'll be talking about it at $20 soon.
CIDM been working well from last weeks idea - letting it work until it stops.
OPTT swing trade posted last week - had all the looks for the proper set up as noted locked in a bunch Friday as I was hoping for a pull back to re add around the core swing but -- straight up she went.
CETX huge gapper AHs Friday I sold some of it from the early idea I will let rest work
MKD held some over from the early idea in the room vs $1.10s -- but so far not much of a gap AHs. Sold some when noted but giving it a chance.
CBAT same plan as last week I won't buy break out here but I was buying into dips vs $6.50s - $8 is a big level and then $9 is where it'd speed up easily could do a POLA PPSI style move.
Melt Up Mode: