Happy Sunday everyone!
I just realized that NEXT Monday (not tomorrow), we have off for Juneteenth. I forgot they added that as an official stock market holiday. Sam (Turbo) and Cam will be in town, so that’ll be nice not to have to think about the market on one of those days!
Wednesday and Friday the stand-out days last week. The rest of the days were just sorta slow grind & low conviction days for me. I barely made it out of starter entries, and the ones that did set up for failed follow-through momentum quickly voided their setups 5-10 minutes later.
I’m good with that, though. The one thing I preached as well was BEHAVE until it comes. Most won’t behave front side, so when you finally nail it, you either make it all back and in the same spot before the trade even came, or you just completely miss it because you’re so exhausted.
It was a breath of fresh air to get those small pullbacks though. You know I’m not a perma bear, but I cannot get conviction in the steady melt up market.
One goal for the week ahead now that my market is back — less being more.
I always preach it but I can do better. I trade a lot less micro moves now, I trade less names but I could still focus on scaling in/out around a core so many times. I do try to maximize the opportunity on any trade I am taking hence sizing up flush cover back to cover, re size up flush cover back to core repeat repeat repeat. But, maybe entry, entry …….. let it work.
Giveaway Winners
- Icon Meals: Stan (Emailed you already)
- Scanz: Eddy Lemus (Twitter)
- T-Shirt:
- Philly501 (Twitter)
- Travel Trading w/ SJ (YouTube)
- TJ H (YouTube)
Video Topics
- Failed Follow Through Set Up Review
- Drawing Those Lines
- Stop Thinking You’ll Miss It
- CVNA = PLTR Hands Off Warning
- AMC vs. CVNA
Video Scan and Game Plan
Stocks to Watch
SOFI reactive trade 945-10AM + trend join. I am not super biased to the short side but of course that’s what I would favor. My conviction short size is typically 4 x my conviction on long side.
CVNA higher better and likely like the second day of AI. I think we blew out further than most thought now we can fade further than most think before having a decent rally as well once everyone thinks single digits are coming.
AFRM solid few days on this one – whether you are short or long it’s had great opportunities both ways – so it stays on radar as I call it “daily driver” until volume and range fades off.
Failed Follow Through:
PLTR higher better for back side
MVIS killer trade Friday – any good morning shove even if it opens red I’d look for .10-.20 shove and then failed follow through set up
APRN higher better for back side
PTON great idea with SOFI AFRM PLTR etc – I keep 5-6-7 on watch and scale into those that have relative weakness.
BYND same plan as Thursday – any good shove for unwind.
Continuation:
CFRX I would have figured this close stronger. I know it’s the third time or so it’s gone but it felt like someone was in the tape in a big way on Friday and if we have a 2nd PR Monday/Tuesday just had that vibe to me that shorts were easily getting positioned and someone kept soaking despite letting it close weak.
QBTS so far been great $2.20s still sentiment shift (still have smaller position sold the bulk of it when I said last week) but nice triple for anyone who watched the video scan swing idea.
NOTE quietly breaking out – had started in but waiting for any real volume to suggest possible momentum coming in otherwise just assume slow steady.
Staying Familiar:
Nate Great Sunday scan. Looking at your chart you showed CVNA on Monday you sold off the open into $27.33 high down to $23 58 (trade looked great),moved up then back down retest to $23.82 then went up to above $25.
What gave you conviction to stay in that short trade down to the $20’s? Thanks