Traders,
Traders, I look forward to sharing some of my top ideas for the upcoming week with you all, including entry and exit plans.
As I mentioned in my most recent IA meeting, I won’t be trading next week, and there will be no watchlist next weekend! But I didn’t want to leave you hanging for the upcoming week!
Here are some of my top ideas for the upcoming week, if I were to trade.
Continuation in RKLB: This is a name we discussed in detail just a day before the breakout occurred, in my most recent Inside Access meeting. So if you were in that meeting, you’d know that $50 was the all-important level and ideal entry on the swing.
Ok, but for a new trade opportunity? For a continuation long, for a multi-day follow-through from Friday, I’d need to see a higher low confirm. Once confirmed, that would be a long against the low of that higher low. For example, if the stock pulled into the $52 level from Friday and held, then rebounded, that would be a long spot against the low of the pullback. Targeting Friday’s high and thereafter trailing for continuation against a higher low on the 30-minute timeframe.
*Please note that the prices and other statistics on this page are hypothetical, and do not reflect the impact, if any, of certain market factors such as liquidity, slippage and commissions.
Continuation in NBIS: Lovely breakout on news last week, and great job holding up above $90s. If the stock can hold above Friday’s high, that would break the downtrend resistance from the previous four days on the hourly chart. That push above Friday’s high and hold would be a long trigger, against $90. Why $90? After breaking the trend, I wouldn’t want to see the stock re-enter the range. That would signal a false breakout and sellers taking charge.
*Please note that the prices and other statistics on this page are hypothetical, and do not reflect the impact, if any, of certain market factors such as liquidity, slippage and commissions.
Continuation in ETHA: Another trade we discussed in depth on Thursday, ahead of Friday’s breakout. Now, similar to RKLB, the entry was on Friday per Thursday’s thoughts. And like RKLB, that setup and Friday’s entry on the breakout above $34 should be studied in depth. Now going forward, if ETHA were to pull back or consolidate into and above $35, I see that as a reasonable higher low and further build, for a continuation long entry, with a stop at $34.
*Please note that the prices and other statistics on this page are hypothetical, and do not reflect the impact, if any, of certain market factors such as liquidity, slippage and commissions.
Failed Follow Through in OPEN: Again, I won’t be trading next week, but if I were here, this is what I’d look for in OPEN. If the stock were to push back toward key areas of resistance from Friday, such as $9.50 – $10, and fail to reclaim and follow through, I would short against the intraday high. On initial down moves, I would cover a portion and trade around a core, targeting a move closer to $8. If the stock reclaims key levels intraday/bases above VWAP, I would exit the position. If this reclaims $10 and holds, I would think it’s not done yet and could have a further squeeze to the upside before failing.
*Please note that the prices and other statistics on this page are hypothetical, and do not reflect the impact, if any, of certain market factors such as liquidity, slippage and commissions.
Further build / Breakouts in AVAV/ KTOS: Along with RKLB, these are two other names in the aerospace and defense sector building for upside. I’d be monitoring both above Friday’s high for continuation to the upside, with a LOD stop and trail if they trade 1 ATR to the upside.
*Please note that the prices and other statistics on this page are hypothetical, and do not reflect the impact, if any, of certain market factors such as liquidity, slippage and commissions.
Pops to Short in GCTK and VSTD: 2 small-cap movers from Friday. As long as they don’t base higher on lighter volume, I would monitor for a quick push higher into resistance and key breakdown levels from Friday. If those price alerts go off, and they fail to follow through to the upside, I would look for a short against the high of the failed move, and trail with a 5-minute lower high stop.
*Please note that the prices and other statistics on this page are hypothetical, and do not reflect the impact, if any, of certain market factors such as liquidity, slippage and commissions.