Please like the video and leave a comment (on YouTube) of your biggest takeaway
Video Topics
In trading, do you surround yourself with what you want to hear or should hear? 👂
— Nathan Michaud (@InvestorsLive) February 28, 2021
- Confirmation bias – CCIV
- Pattern recognition Same thing over and over (CCIV CLOV SNDL)
- MVIS UAVS SOS – Every momentum name (exposure)
- Dealing with “so close” – Sized/Reverse = Oops
- Where does your idea stop doing what you think? Vs. stop
- Where have you seen set up before?
- GME Friday Range anticipation
- Sell or cover around core into the first anticipated move
- Random stocks random results
- Relative strength
- Market bounces – Most is tucked, funds, etc.
- Cathie Wood – Retail over-leveraged
- Exhaustion Move: CDXC GME
- Winners for IU Shirt, Scanz, and Icon Meals announced
Twitter Questions Answered
I’d love to know how you figure an all day fade like $NCLH the other day vs. something that may bounce back. You called the ADF in the room on NCLH the other day, it was amazing.
— Julien Riegel (@traderwannabeTX) February 27, 2021
Trading psychology. Keeping your head in the game after a big loss. Risk management. Position sizing. Scaling in/out of winners. Letting a big win get away
— Michael Tenney (@tenmike) February 26, 2021
Narrowing down watchlist. So many to choose from.
— Angie Cox (@angiecoxangie) February 27, 2021
I think it’s great how you mentioned in one of your morning broadcasts how it’s so important to leave a bit of buffer from the entry level and adjust the risk according to the range of the stock in play. I know it might not come across as important, but it did the trick for me!
— LR (@luksy22) February 26, 2021
Video Scan and Game Plan
Stocks to Watch
OCGN nice squeeze out Friday ideally looking for some push back towards $11 let it exhaust traders out and then looking for the tide to shift back to sell pressure. Really nice squeeze out taking the rest of the names that ran together with it ie: AUVI AACG BSQR etc.
FSR tried it at the close just to get a feel for it but didn’t turn into anything was looking to scale if two key levels failed but they didn’t. If it gaps down I’ll be looking for a trade similar to CDXC if it gaps up I’ll let it exhaust out and wait for key levels to CONFIRM before taking on any risk – just like Friday.
UVXY hadn’t really even been paying attention lately to ETFs no real need to but was just scrolling Twitter saw a trader with TQQQ short position and reminded me HEY maybe time to watch ETFs. Ended up being an amazing trade opportunity Friday from the short idea given right off the highs. Point here is IDEA GENERATION can come from anywhere – open mind, focus, watch key spots. Watch with markets if we stay in grind mode this will just sink off – remember it is NOT an inverse of SPY however typically when SPY is unwinding volatility is higher.
BAC nearing a nice reactive trade potential – either any big gaps push outs and fails or gap down flush mid $33s etc would interest me for rally. Only other trades would be 945-10AM+
Failed Follow Through:
CDXC higher better is goal morning shove vs $15s I could see this sinking back off sub $12. Perfect example of a short being on wrong side getting worked out and back to reality.
CCIV nice opportunity looking left on Friday right off the $32 levels a few times. So far working to exact plan this week as noted I felt like it likely consolidate mid to high $20s for a bit before figuring out a trend. In my eyes there will be one more good shove move to shake advantage of and then fizzle back towards those mid high $20 level for a period of time while it digest all the retail bags and funds position. Perfect example of confirmation bias.
WKHS higher better watch all fails vs 9:45-10AM + ideally failed follow through momentum set ups as it’s been having.
QS morning shove possible gap $56-57 and if it stays heavy likely continues on it’s fade.
FUBO trying to find a base $34 in fact the more it bases I think the better because upon an ultimate fail it’s going to be really aggressive to the downside like many of the others we’ve seen. It was doing that but clearly trend re took w/ all the high short interest names going – now it’s post squeeze and many stuck on wrong side.
Continuation:
XTNT crazy good idea on Friday for the double – it went from super super thick tape to thinning up within a moments notice. I think shorts came in hot and heavy and got squeezed out midday. Had some over and ramped to $5s + AHs as usual any time it does exactly what you think I think it’s good practice to lock some in and give rest wiggle room. It’s possible this just squeezed out and they walk but if not and this bases again $4-4.20 in my eyes I won’t underestimate the potential vs $3.80s risk.
Staying Familiar:
Key takeaway – 10:24. Reset, refocus and don’t let the negative energy overcome you. It can hurt you in later trades.