The Weekly Trade Plan: Top Stock Ideas & In-Depth Execution Strategy – Week of June 17, 2024

Ryan HassonGeneral Comments

Traders, I’m excited to share some fresh ideas for the upcoming week. I will outline my thought process and entry and exit plans for my top ideas, which could make significant directional moves this week. 

Another solid week was a solid week, with some of the standout performers from the watchlist being GME and TSLA, along with the others, which saw significant directional momentum and conformed well to the laid-out plans. 

Now, here are some fresh ideas for the shortened, upcoming week.

Admittedly, I am less excited about the upcoming week than I was for previous weeks, so I am lowering my expectations. I will be less aggressive as of right now, barring any changes or fresh developments.

Range Plays in GME

Standout name from last week’s watchlist, as it conformed well to the plan and key levels to trade against. First the short, then the long, as I went over in detail in my latest Inside Access meeting.

What am I thinking going forward? Well, nothing has changed for me. With an upcoming catalyst (shareholder meeting), it’s as good as ever to simply be reactive and prepared with key levels in mind. As the stock continues to provide range and opportunity, it will remain on my radar until that changes.

*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.

So, I will consider short-term trades if the stock pushes into last week’s high and $35 and fails for reactive short trades against the day’s high once it confirms. On the flip side, I will think about long trades if we wash out and recover near significant support that has now formed near $25.

Below support and above resistance, we could get an outlier move in the short term, so I will be hands-off and let it develop without being involved. For example, if the stock breaks over $35, perhaps we see a push near the mid-to-high $40s and outer lines.

Failed Breakout in ARM

I closed out a long swing in this stock on Friday, a trade I discussed in detail inside Inside Access. Going forward, I am now looking for a potential short swing after the stock sold off, and 

displayed relative weakness after the announcement of being added to the NASDAQ-100 Index. 

A failed move higher on positive news and sector strength could lead to a fast move lower.

*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.

Here’s my plan:

Suppose the stock fails to reclaim its 2-day / developing VWAP from Friday / continues to show relative weakness / fails to reclaim $160s. In that case, I might get short versus the high of the day or the previous lower high on the 5-minute chart, targeting a move toward low $150s support from last week as target 1. After that, after taking risk off and ideally locking in some profits, I will trail my stop using lower highs or a vwap reclaim depending on the momentum and action, targeting a move toward the high to mid $140s, scaling out of the position as the stock makes new lower lows intraday. 

Additional Ideas

LGVN: A tricky small-cap that had some positive coverage and news last week and caught many shorts off guard throughout the week. I had some good short and long scalps in the stock. Being open-minded, flexible, and reactive to critical levels and price action is the correct approach. Going forward, I will monitor prices between $3.8 – $4 for failed follow-through short opportunities. Ideally, this blows out higher one last time before presenting a bigger-picture opportunity. I will avoid it if there is no clear-cut setup and exhaustive move.

RDDT: Failed follow-through on the breakout last week. I will continue to monitor this as long as it holds over $60 and bases. 

Semis / NVDA: In a tape where Semis / NVDA is leading the market, I don’t want to be the one trying to pick a top. But NVDA, SMH, SOXL, etc., are beginning to show signs of being overbought and due a pullback. Going forward, I am on higher alert for some profit-taking and potential sector rotation.

Important Disclosures