On Watch 4/27/21 From Dante

 

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BTX: Nice opportunity early if you were there for it. I think MVIS will be the best thing that happens to the BTX chart moving forward, more range and excitement in MVIS, so that’s where I expect a lot of attention to move tomorrow. We’ve seen it time and time again on names like this BTX – it’s going to start fading JUST when you take it off your screens (always feels that way doesn’t it). So just keep it on your radar, take quick $$ when you get it for the time being, and the large bleed is not too far away.

Other scenario not to rule out at this point: Psychological 20 max pain first. Any nice gap tomorrow that has us heading in that direction, would love to give it a shot up around that level. We’ll see where their head is at in the morning for a better read on how the day may go, but likely it’ll be one to fade the early open look again until it doesn’t work anymore (long on 14s washout, or short on anything towards 20 push.

BNGO: Nice past perennial shitbag. Would love a gap up/shove into anything closer to 10 and then looking to fade it from there. Not sure we get that far though, this is riding on nonsense, per usual. Nothing to fight with, but expecting gravity to start winning the battle soon. Just stay patient and sacrifice your top tick average for more data/higher win probability entry. That’s really the name of the game on trading any of these near doublers+ There’s so much range, you don’t need to be the first one there when the music stops to make a nice profit off of it.

PLBY: Have been watching this one for a while…think it’s finally time to bring my skeptical shortie mentality to the party. NFT…SPAC…has all the buzzwords, and all the absolute bullshit to go with it. Fun one to watch, lot of the boys in the room have been long, and thats awesome. Spotting opportunities like this is why the IU room is so valuable – it doesn’t have to be gold to shine sometimes. But eventually, it hits a point where it’s just impossible to be bullish anymore, and it’s getting there for me. Nice shove through psychological 50 today, and I think it’s time to take a break. At the very least, to remain “healthy”, we should see some sort of pullback into the mid 40s again. I think it will end soon period as gravity always wins on these hype trains, but in any case, it just feels due to give some back soon either way. Watching for any open strength tomorrow and then to start considering it for a fade idea over the next few days.

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