Don’t fix it if it isn’t broken! There’s not a whole lot to talk about the last few weeks as far as needing to “adapt” I think we’ve covered that and it’s worked pretty well BUT there is one adjustment I can make and do a lot better.
My main goal for the summer is not to get “stuck” in a sideways trade. Either it’s doing what I expect or I’m moving on. I want trades working for me if I have money at risk and it’s been 30-60 minutes or 2 hours + and it hasn’t been grinding up or fading in my direction than no point to get tied into seeing the trade through – move on.
Started out last week with a bang Tuesday was big Wednesday was massive but Thursday and Friday I did a lot of avoidable starters where I should have just waited for the key levels I gave to break before putting anything on. I started into VTNR VERU and AI but just let them grind me on starter position rather than waiting for the level I gave to break. That said – all my big trades start the same way – starter and scale in as they work. I think where I could improve is after 2-3 re-test and confirmations that trend doesn’t want to break just move on – save myself .30-.50/share of wasted mental and actual capital.
Giveaway Winners
- Eymen Ajmi – Icon Meals (if US):
- Jmantrading – T-Shirt
- Kim Alanis – T-Shirt
Video Topics
- Wasting Mental Capital
- “Summer” Trading
- One/Two Main Watches
- Traders4ACause
- Inward vs. Outward
We've been receiving a lot of inquiries, so here you go!
🗓️ SAVE THE DATE 🗓️#T4AC22 #vegas
Sept. 30 – Oct 2
Stay tuned for more info! 🔥🔥 pic.twitter.com/5yidKe19y1
— Traders4ACause (@Traders4ACause) June 1, 2022
The moment you look INWARD vs always looking OUTWARD for the reason why a trade didn't work out is the moment you change the trajectory of the path you're on & ultimately your potential as a trader.
It's always easier to find other reasons beyond the real one!
Go get it đź’Ş
— Nathan Michaud (@InvestorsLive) June 1, 2022
Video Scan and Game Plan
Stocks to Watch
AMC 945-10AM + trend join is ideal been a good daily trader. Best thing to do is look left draw some lines and trade the channels until it breaks out of them. I like to assume it’ll hold prior top/bases w/ proactive sells/covers and re scale if/when confirms otherwise.
SIGA monster on Friday – started in $13.4x’s pre market and $13.3x’s adds scaled a bit but after the huge flush came back pretty hard once it exhausted out I scaled the rest of the way fortunately getting that major slam candle to scale out and re adjust through the day. Ideally we get morning shove and more unwind back into sub $10 again near term – if it starts to hold up just take a look at VERU how that one continued to base. Be aware of that.
AI coming into key resistance prior to earnings so we may have a nice $20-22 parabolic move ideally and then sit back sub $20s. I started in the past 2 days on the morning rips but turned out to be nothing to scale into so just lost on the starter but each time it re-tested key levels given it held and firmed up so I could easily improve being on long side while I wait for a scale trade to set up.
VERU presents Monday timing etc HERE but looking for a trade like SIGA soon – higher it goes blow off and failed follow through sub key levels.
AMLX weak open consolidate and rally back r/g for upside or gap up shove and failed follow through. Prepared for both.
Failed Follow Through:
IOVA $7.40s level on Friday – ideally blows off and gives a good opportunity but like AI and rest don’t use a lot of resources on starter just wait lots of this stuff may just be priced in and trapped shorts on gap down to blow ’em out then fade back (ie: TDOC CHGG examples)
NRGV monitoring daily – price alerts for profit taking day.
AVDL higher better and fails quietly is goal
Continuation:
HUSA kept this along w/ the rest of the basket names given just in case some more follow through gaps over the weekend – you had a lot to choose from MARPS IMMP NINE ENSV USEG etc.
JWEL Looks like team is back on the bid side like we’ve seen on these liquidation charts getting walked back up ie: IMTE CLEU BLBX etc.
IMTE feel like they trapped shorts decent – higher better and watching for the volume and cross.
RDBX has yet to go away – no position but just have an eye in case we start to go nuts and have an outlier move/squeeze. We already had one the first time we talked about it up to nearly $10 but since faded off and re-setting up.
PBTS trending – no position interested if builds vs .35
EYES steady soak insider buyer keeps soaking in the market.
HSDT possible liquidity trap
Staying Familiar:
Any thoughts about the Amazon split?