Very eventful weekend for me - Cody (OddStockTrader) and Alex (B The Story) visited New England and not only got an amazing weekend but I'd say they got a great show case of what it's all about: Beach, lake, and lobster and lobster rolls. We produced some content which I am super excited about the piece we did outside on the dock. I think you're really going to enjoy it.
As we talked about last week swings have been a little nuts, it's been a pretty intense streak for big picture ideas. Just about everything working and those that aren't just aren't really moving they're not really pulling back much just sorta staying sideways. Given the fact it was hard to mistake the past few weeks on swings -- I want to be ultra-aware of any change in market forgiveness. Right now it's been a decent market to potentially scale in and trade a bit larger than typical in swing trades because the setups are clean. The moment the momentum shifts is when it's VERY easy to give a big chunk back by not adapting quickly enough:
RKLB just shy off double (I only made it to $15s) from our WSB Algo hit which I had shared with Twitter in the $11s. Obviously, AEHR was my big idea for quite some time now spelling out the why 2 weeks ago given the buyer in the tape. The EEIQ swing doubled in 3 days from the big picture idea in the room and CLEU which those who have been watching Sunday scans know I was there since mid $2s officially doubled and provided a killer short back down the following day off the gap to $5.
I think it's very important to re-check in with risk and game plans because the last few weeks have been super forgiving and likely getting away with a lot of risk without many warning signs - yet. Sometimes we get a bit loose in that situation and don't realize it until it's too late.
- Market sentiment shift: CLOV GEVO RKLB
- APOP ANY BBIG tri-fecta (SPRT oops)
You’re knowledge is next level. One thing I would ask is to expand on the support and resistance ranges. I get that if above or below you use that but if in between how do you trade that? Do you wait until each of those approach to be more confident in your long or short bias? TY
— Kevin McCallister (@MacaulyCulkins) September 12, 2021
Exit strategy on swing trades.
— Doug E. Fresh (@dfultz35) September 11, 2021
How do you trade multiple stocks same time? I can barely keep an eye on 2. Is there a hotkey to flick thru multiple montages?
— Vivek (@Vivek_Trades) September 12, 2021
After a solid win/green day, seem to always have a big red day that follows the next trading day, advice on actually how to reset/refocus? Thanks
— Jason S (@Investomatic) September 11, 2021
Have been having great days on the plays I have a game plan and am prepared for, but am giving back partial profits due to over-trading because of comparison to other individuals massive numbers. Feel like I need a slap in the face ✋🏻
— Kevin Thomas (@kevin__thomas) September 11, 2021
I know you beat that horse to ground but your swings work extremely well. Not chasing your alerts but still trying to figure out what exactly you see. Volume and follow through? That simple?
— Capucco (@__koziol) September 11, 2021
My biggest issue has been sizing up. Every time i size up i end up taking a decent loss that hurts me account and mental state. But i also feel the need to be making more. How do i find the balance?
— DaytradesRus (@DaytradesR) September 11, 2021
At this point in your career, why don’t you focus entirely on swing trading?
— Jed (@jedvjed) September 11, 2021
Video Scan and Game Plan
Stocks to Watch
ATER - For some reason the chart on BigCharts doesn't work. Tried this one a few times on Friday but didn't turn into the trade I was looking for was up nice each time but ended up scratching out a few times as it came back to entry. One of those you want to set price alerts once everyone gives up on it - should be nice and clean. Boy did I sell that liquidity trap long trade too soon!
ISEE ideally $14.80-15 + either exhaustion move or parabolic. I think a lot of people went aggressively short thinking they'd be unloading a bunch of paper - in other words: fundamental short squeeze. It's good to #KnowWhatYouOwn but price and volume always matters - if a company has plenty of cash doesn't need to raise and price action and volume suggest the same - you have to accept that and throw away your conviction to the short side ESPECIALLY if $13.80s firm up as they did. Great key levels in the room and great feel on that trade just moments before it happened. Killer warning in the room to anyone short. Ended up being my main gaining Friday and then headed out. This was very trader friendly drawing a few lines could help you see that it respected the same areas every time: $13.30s, $13.80s and $14.30s. I'd love to see this thing blow out a lot further than most think but we'll see - trend lately has been intraday save and blow out before fading back the next morning ie: GEVO CLOV etc.
AMC no bias at the moment but just feel like need to keep this one on radar as a trade likely close. We're either going to have a nice squeeze out day or one hell of a reject and unwind both of which I'd expect a clear $3-5 move - just going to wait for it to tell me which way.
Failed Follow Through:
CEI solid trade from the PR gave ample time to get in there under .97 cents still not sure why I sold it too soon. Goal is in room was $1.50-1.70 blow off on Friday for the fade back. Got there short but exited before weekend. It was pretty weak AHs which is upsetting but I am hopeful the weekend StockTwits festivities will do enough to get that bid back before the ultimate unwind. Remember in the end supply always wins. Remember I am a trader - but like BBIG ANY APOP etc I come in when there is a high probability trade and I leave as the volume fades off and edge dries up.
MMAT set some price alerts thinking this has one good shove and then just unwinds back towards $4s eventually.
RKLB nice flush out trade on Friday - good prep work. Ideally 945-10AM trend join.
BBIG so far so good - another nice opportunity last week especially the melt into close Wednesday as posted such amazing profit center lately key is to trade when there is edge and leave it alone the rest of the time. Friday close as you saw starting to all come together, supply is finally starting to matter. Still same thoughts over all but again trend has to agree. In my eyes like I said on Wednesday I felt like the liquidity was going to dry up from that point forward. I would expect more of the same this week and probably start trading in the 30-70 mil range followed by the 20-50 mil range - that said be cautious which size you may have been comfortable with in prior weeks as I don't expect it to be as forgiving.
ENVB higher better and quiet fade back once trend agrees - nothing to step in front.
AEHR nice pull back sub $9 Wednesday where I had added a bunch more from Tuesday sells around hte core -- sold all those adds on Thursday and back to the core swing trade from $6s. Trying to be patient but like I talked about last week when I noted the S3 had hit - I didn't expect it to really screw up the thesis much in the short term. Be smart have a plan and remember this has been an idea since spelled out mid 6s. So, if you like the chart here make a game plan make a goal/risk etc - but I am speaking from a much different average.
PRQR interested in dips vs $7.80-8s no position yet. I'd like to see this chart build and scale in.
ENDP going to watch dips vs $2.60-2.70s
EEIQ sold around core swing each rip on Friday - very nice double in 3 days. Nice nice to all those who participated. Clear cut big picture swing trade from mid $3s. Left some on to see if it does any circuit dances off open next week.
ATOS stated into a swing trade on Friday - $4 clearly a big level should assume it's going to have trouble until it doesn't.
ZEV so far so good - locked some in along the way - looking left you can see mid $10s will give it any issue unless some major volume, news or help of some kind.
DTST no longer positioned but solid from the liquidity trap example. If dips continue to soak like this I'll be looking to scale back in - otherwise higher better and will watch for the fail.