149 [Couple of rants about spending 1000+ hours studying how stocks move. Jul 6, 2020]

  • NIO big trade from Thur, this thing broke out midday on record volume, they guided higher, stock was surfing the rising 20day. Unfortunately missed the 7.40/7.50 entry, but took a shot bought it 9.20, risk was 30/40c, now thing hit high 11s premarket. It’s a runaway market we are in, generally I don’t buy stocks like these, but this is the market we’re in, you just have to adapt sometimes, everything is going straight up. I should probably sell more, it’s getting really extended, triple in a month or two. Moving stop to lod, you never know when these things reverse, just want to protect profits.
  • Everything is gapping higher, sold a little bit of everything premarket NIO, BLDP, PDD, BILI, TSLA.. Autopilot market. If your stock is not up today you should consider selling it, it’s probably a piece of sh*t, everything is up today, everything. We’re in a red hot runaway market.
  • NKLA was big trade Friday, thinking about shorting this thing again today. Orls, this thing could go sub 50 today, warrants now available/exercisable. SSR on can’t get any fills into weakness out of gate. Need to cover some more here, first target hit low 50s.
  • FSLY showing rw, shorted 20kshares orls. Probably going to bounce here but if it loses the 10day could go to high 60s easily. Stopped out, put stop too low by accident. Will reshort if starts weakening midday. Building hls intraday, looks weak. Reshorted risking hod/recent high. When a stock is in a range, you want to see lower volume. You had some bigger volume out of the gate, then it went sideways for a while on lower vol, that’s what you want to see, and it’s been building lhs, that’s a good thing. You always want to see lower volume in a consolidation.
  • LVGO starting to breakout here, idk if I wanna chase a gap up day like this, bought 10kshares [high 75s], looks exactly like PDD did couple of days ago, or BILI looked like 4/5 days ago. Gonna go to 90 in a flash. Straight up, sold 20% of adds this am [up 6/7% on adds].
  • PRTS flag suspicious yeah, looks like a buyout almost, looks almost too perfect, but if it breaks out could very easily go to low teens or something.
  • MARK, even gapping up. Bought 50kshares, chased a little. I don’t care they have earnings ahs, they don’t have any earnings anyway. Adding to MARK, another 50kshares.
  • AYRO bought 100kshares, chased a little but whatever, could go to $10 by tomorrow, this thing has insane volume, is an EV pump. Already taking out hod, should have bought 200kshares. Straight up from entry, gonna sell a little bit bc why not. Very low float, it’s probably a lot less than the 42M shares it’s already traded today, so it’s probably traded a couple of times its float already, that’s all that matters. Undercut vwap and held so far, moving stop higher, it shouldn’t undercut vwap again that would be a sign of weakness. Straight up, need to sell more, this could hit 10 by today.
  • TSLA trailing the 10day atm, but at some point especially if it keeps going I’m gonna start moving it more aggressively. Bc when you get straight up moves like these, especially on a stock that’s already extended, using the 10/20day stops by the time it gets there it’s given back most of its move. Soon I’m gonna move it more aggressively, maybe use the 10/20ema on the 60min. If you get a parabolic move it’s all about aggressively protecting profits. You can’t sit there and hope the thing will go up forever bc they never do, they never go up forever.
  • LMND is going absolutely nuts, watching for a short entry on this thing. This thing is now a triple from the pricing on Thursday. Ideal short tomos, or mid/late day.
  • F*ck level 2, level 2 is a waste of time. Level 2 is for the guys that scalp 10/20c, small cap stocks, those are the guys that use level 2. If you wanna make millions you don’t even need to know wth level 2 is, it’s a total waste of time. You have to understand, those guys they sell services, they sell complexity. They create the illusion that trading is super hard, which it is, but it doesn’t have to be complicated. Trading, you can make millions per year by doing very simple stuff. I’m not selling anything, I’m not selling complexity, I don’t really give a sh*t. What you need to do is learn the patterns, that’s what you really need to do, you don’t need level 2 to see the patterns on the 5min/60min/daily. You need to go back look at 1000s of stocks, 20/30years, just look at the patterns. You don’t need level 2, you don’t need a guru, all you need is to do some hard work.
  • AMZN hit 3000, wow, almost a double in the past three months, this thing has gained 700B in market cap in the past three months. The narrative that robinhooders are driving this thing higher is just so stupid. And this is just one stock, MSFT also up 5/600B in three months, not to mention AAPL.. Lots of them are making lots of money, but most of them will give it back, most if not all of it, if history is any guide, if late 80s, late 90s and late 20s are any guide, we do know a lot of these gunslingers are gonna give most or all of it back.

Misc:

  • You’re struggling bc you don’t know what to, my job is not to give you fish, my job is to teach you how to fish. Eat that, I’m like Jesus.
  • If you do 12 hours of chartwork a day, you could be ready to trade in 83 days?
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