Trader’s,
I look forward to sharing several of my top ideas with you all as we head into the new week!
So, without further ado, let’s get started.
And of course, it’s only right to get started on last week’s biggest talking point:
MRNA: We went MRNA in detail on Thursday, in my Inside Access (IA) meeting, and those levels and overall thought process were proved correct on Friday. Some key lessons there, and I urge you to go back and listen once more.
Now, following Wednesday’s exceptional range, it’s no surprise that Thursday and Friday were inside days, albeit with great range nonetheless. Key levels over the prior couple of days are 130 – 135 areas of support, and resistance/inflection points for further upward momentum at 150 and 160 (Friday’s high). I will be interested in intraday momentum scalps until a range/base tightens further, making it more conducive to a swing trade. Holding above key resistance levels from day 1 – 3, I will focus on long scalps, and below key support levels, I will focus on shorting breakdowns for intraday momentum. Keeping it stupid simple here – that approach has worked well both on Thursday and Friday. It’s proven to be a great trading vehicle as long as you go with the intraday trend.
*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.
DLO: Different type of stock than my usual selection for a swing trade. But with earnings out the way, a recent undercut of support and now back toward resistance, and a lengthy multi-year base, I’m interested in a potential swing long. For an entry, I’d like to see either 15.50+ firm up intraday or the range tighten near the breakout level over a couple of days, then buy the move higher. Given the history and nature of how the stock trades, I’d be in with smaller size and a looser 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.
LLY: Following Wednesday’s breakout, it’s beginning to turn resistance into newfound support on the daily. I’ll be watching LLY closely above Friday’s high for relative strength and a potential multi-day long entry for the swing.
*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.
SNOW: Missed the entry on Friday in SNOW, but a wonderful higher timeframe chart and break above the prior day’s high and the 10-day SMA on Friday. For a long entry, I’ll be watching dips into the 2-day VWAP (from Friday), a higher low / or hold above Friday’s high and intraday vwap.
*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.
PLTR: Exceptional mover on Friday, through the key level. Awesome move with the 0dte’s on Friday – I closed my position entirely on the parabolic move through 182. Bigger-picture, though, I’d love to see this either dip and reclaim 180, or hold above 180 on Monday for a swing long entry, looking for a multi-day breakout and follow-through, trailing along the way and trimming into strength.
*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.
USDE: Interesting de-spac name with a potentially tiny float. Some solid long opps on Friday. I’m going to monitor this one for any further traps/liquidity crisis / or reclaim and hold above 8 – 9 for a potential long entry.
*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.
IBIT: Of course this was a major opportunity on the breakout for a swing long, after months of contraction in both price and volume. Now, though, I am more interested in a potential intraday short. Specifically, I’ll short if it experiences failed follow-through on another gap (Monday), or if it opens flat/red and holds weak. Thereafter, I’d love to see it pull back and establish a higher low/new base for a long swing entry.
*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.
FCX / SCCO: Incredible, textbook chart patterns. Unbelievable breakouts. Unfortunately, on the gap and follow-through, I couldn’t find myself to chase FCX / SCCO. In any case, great charts to study, and I’ll have alerts in case they dip/set up again for a long entry.
*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.