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AMRN: Man… this came in just how I wanted today, and I made a complete bonehead move and not only missed most of the fade in the afternoon, but got caught on a little bit long too. Happens. That said, this action was exactly what I hoped would happen, and it came in real nice today, more than I thought. I think now we can resume the long idea. Ideally more fade in the am pre or a weak open hold & curl, and look for a higher low to risk off of and get long. We’ll see what we wake up to. Perfect world we get a weak open into low 15s for entry.
NBEV: I thought they caught shorts into close and that we’d fade down a/h, but higher we go, just a testament to this market right now, it’s pure insanity. For tmrw, 10 seems like a nice round number that they will be licking their chops to send it through and set off stops during market hours, so that’s what I’ll be looking for. Push on 10 with volume, and if that comes, I’ll be watching for failed follow thru off that. If weak open/pre, I don’t necessarily want to long, but I won’t be chasing short yet either, it’s still somewhat in trend to me anywhere over 8. So no long for me here tomorrow, but in order to short, I’d need 10+ or sub 8.
IGC: I’m hoping for a morning push back into the high 12s-13 area on a parabolic open move for a short scalp, and then we’ll see what it looks like. Just like when the weed names TLRY CRON and CGC were at the peak of their craziness a week or two ago – all of these trades are just scalps for now on both sides, long and short. You have to remember up at these levels, we’re experiencing peak retail emotions. So anytime retail interest is peaked like this, it’s almost always a good idea to fade volatile moves in either direction, trade channels, don’t chase, etc. Not beginner trades at all, but that’s usually what will work until the dust settles.
Shoot me a message anytime in chat (DGTrading101 is my IU handle) and I’m happy to discuss your trade ideas with you. If you’re not an IU member and would like to become one, you can join us here.
See you out there!
– D
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