Hope everyone had a great weekend!
Swing ideas have been much hotter than what I’ve found intraday lately — DUO doubler officially on Friday — RBT week before last doubled, KULR RUM etc. Seeing big picture well but intraday has been a lil slow for me. The good part is the ones that aren’t working don’t really go too far in the wrong direction more so just hang out at support.
Last weekend we went over the failed follow through setups which I referenced the visual I went over many times over the week as those setups formed. Spent a lot of time in the lounge posting the charts/levels for sentiment shifts.
Earnings season has been crazy. Big caps are trading like small caps and the moves haven’t stopped. My focus names haven’t been the best and gap and grind type markets are a little difficult for me as it involves chasing the first move which is fine on smaller size but I just don’t like scaling given my confidence level in the setups.
Trading involves confidence — not in a cocky sense but being confident in your trading process. Lately, it’s been very hard to get confident in any trade setups. We’ve had a few that I have missed ie: MARA fade BA etc. focused on names like PDD BABA which 90% of their move happens in the first 3 candles on the day, suck you in thinking they are going to have super range on the day and then hours later you realize you’ve wasted time.
With that said, I’ve barely been out of starter/feeler size trades lately. There have been a few great entries SHOP and AAPL after an early feeler entry put on (most times I have to start in to get a solid read for the ‘real’ entry) which as you’ve seen in the room if I do put on any risk I state where my actual risk after sizing up.
Going back to confidence – most people start to take this time to press and try to make up for lost ground or missed opportunities. They start to press on B set ups or C set ups with A + set up sizing — look, if it works – GREAT but if it doesn’t — where does that leave you? Was it a good trade? Would it have been better just to hold cash/not trade?
I like to spend my Sunday video’s going over either what’s REALLY working WELL or what’s not, where I’m having trouble etc. My younger self as a trader would really press during these times and self destruct for a period of time. Now, I think it’s best to just sit back, relax and wait for that CONFIDENCE trade to set up. We have a few setting up now — but patience is the key.
I’ll be out Wednesday traveling to NYC on Tuesday night – POSSIBLY broadcast Wednesday morning if it’s not to crammed.
Video Topics
- Trading Confidence
- Should Feel Comfortable
- Finetune Your Set Ups
- Small Caps = When You Forget
- Flash Sale
Video Scan and Game Plan
Stocks to Watch
NUVL morning shove 945-10AM + trend join. If it fades off again easily could shove into halts or (fake halt like Friday).
SHOP watch with AMZN AAPL etc and rest of market if they’re steady this will be too but $33.70-33.55 continues to be the spot we need to see exhaust in order to fade it IMO.
Failed Follow Through:
T monitoring for the day it takes a break — just like BAC let it run up up up and the day it wants to fade off vs. VWAP I’ll be there.
SNAP watch w/ over all market – should offer a great opportunity once the squeeze fails.
NIO higher better for unwind.
SOBR this thing has had like 40 lives watch morning shoves and fails vs. VWAP
Continuation:
DUO so far so good – doubler from the big picture swing idea. This COULD really build. I think shorts have been pretty aggressive on it but they’ve been soaking it back ODDLY well especially the day it dropped under $1 and then came back 40% intraday. It’s a great way they soak a good chunk of the float back and possibly trap shorts for the squeeze out. As reminded on Friday nothing wrong with locking in higher risk higher reward type of play. I’d love to see this thing start to form a base in the $2s and do something wild but can’t count on it. Could have 4AM type rip one of these days but I won’t be up for it 🙂
RUM nice idea on the long — idea was earlier in week that if $10 firmed up was looking for $10.50-12 parabolic. Sold it all over $12 and then re bought the flush sub $11 at close. Still have same thoughts as last week re: shorts.
LTRY no position just monitoring to see if this thing starts to get any attention or volume.
Staying Familiar:
Great video. I’d love to hear your thoughts on meta.