163 [Lots of bullish flags among the momentum leaders! Jul 28, 2020]

  • GBTC got shaken out then got back in when it rebroke the highs again, just a weird annoying shakeout. MARA and RIOT closed weak but opening higher. MARA and RIOT just had insane volume, both had the highest volume days they’ve ever had, not even close, these things could really really go, I’m gonna try be a slow seller in both of them. Actually added to both of them midday when they dipped a little bit, so long 150kshares MARA and 60kshares RIOT. MARA $6M offering, yeah it traded more than $100M worth of shares yesterday, so that 6M should have easily been absorbed.
  • TSLA bounced perfectly off the rising 20day and build these hls right off the 20day, then it had a squeeze. I covered some when it took out Friday highs, then covered the rest when it took out intraday highs, warning signs were there. TSLA stuck in this channel here on the 60min, 1550-1480 area, hopefully it can go sideways here for a couple of days, then I’ll be watching for an upside breakout, or a downside breakdown again. TSLA is a great stock to trade the ranges.
  • KODK may be a short, up 270%. Took a starter short orls [110kshares]. Didn’t breakdown yet, at vwap again, so far failed on vwap. Stopped out of all, thing looks strong, lost 93k. Oh, KODK wins a 765M gov loan, I didn’t really see that that’s like 9x mcap.
  • BNTX bought 15kshares, wanted 25k, see if it dips a little bit to fill more.
  • INO using yesterday’s highs as stop on short.
  • IGV I got suckered in yesterday, was a sucker’s rally. Bc now the 20day is resistance on the daily, and it can’t reclaim. The past several times it reclaimed immediately, now it rallied into it and getting rejected, gonna get stopped out of all my longs, not a very smart move from my part. Actually I think we’re gonna go higher, this IGV just keeps building hls, I think it’s just a matter of time until it reclaims the 20day and breakouts and goes low/mid 300s. Just see so many software/internet related stocks just so strong.
  • NIO is building hls, undercut the 20day but it’s building hls and looks like it wants to reclaim, maybe later in the week if it starts reclaiming that 12.20 area, then we’ll get above both the 20day and the 10day.
  • FMCI, I was watching it yesterday this trendline break in the mid 14s, but I never bought it, I thought the volume was so low, but then big volume came in into the close.
  • BE selling down, still have 2/3, looks like it’s gonna close below the 10day and they have earnings tomos. My cost basis is 9.65 so still up 57% on it, but just wanna protect, in case it gaps down on earnings.
  • Yeah weed stocks are in range, APHA had a setup on the 13/7/2020, then they had another setup yesterday [27/7/2020], it’s kinda hard to buy it if only one stock in the sector is running. When APHA broke out here and here none of the other weed stocks were running; CGC, TLRY, weren’t doing anything, trying to breakout now, CGC trying to reclaim the 200day now, but not my kinda setups especially as I don’t see any exciting catalysts or anything.
  • LAKE good pretty damn good, bought 12kshares, it’s a thin name. I think both APT and LAKE could easily go to 35/40, there’s a lot of mark shortage and they both make masks.
  • Selling depends on the stock, GBTC Im up over 10% on it I just sold about 3%, just a tiny bit, but it depends on the stock and what my target is etc. There are no hard rules, if I see something with a lot of potential, I try to sell a little bit slower, but if you look at something like SQ I bought yesterday I just don’t see that much potential in it, can it go up 15/20% sure, but it’s probably not gonna double here, it’s already a quadruple from the march lows, so if I can get another 15/20% out of it, that’s nice, so if it goes up 5% I’ll prob sell like 20% of my position. Same goes for PTON I bought yesterday, but GBTC I’m looking for a double or triple, it’s a huge chart, look at BTC/USD, last time it ran mid 2019 this thing went up 240%, now it’s just coming out of a big base, why can’t it go up 100%, that’s why I’m selling very very slowly.
  • PRTS, guys you gotta learn this setup, this was abnormally perfect, you don’t get these perfect ones very often. This is called a htf, you have a big move, then it gets tighter and tighter, it surfs on the 20day and eventually breaks out. It’s a similar pattern to DDOG a couple of months ago, this one was also pretty much perfect, LVGO also a couple of months ago. If you just had to trade one pattern, this is it. You’re gonna make millions, you don’t have to trade anything else, there are variations of it obviously. OKTA similar, TSLA was one, big move, gets tighter and tighter, builds hls, surfs above the 20day then breaks out. PRTS was a microcap name that’s why it was so perfect, not as many eyes on it etc. It’s now up 53% from the breakout, if you need to learn one setup that is is, that is it, nothing else required. You gotta be on those things.
  • Backwatchlists; NIO, I should have bought this breakout 30/6/2020, it more than doubled in just two weeks, looked great on the 60min, you can clearly see here this is where it broke out. Had a big move more than doubled in 3 weeks, went sideways, kept building hls, then it had a big breakout, nice breakout candle on the 60min, I was looking at it here in the low/mid 7s, and it goes up another 120% in two weeks. This is something you gotta do if you wanna be a successful trader, you gotta keep track of gap ups with news, and just go back a month later and see how they did.
  • DXCM has earnings today after close, I’m gonna watch it. If it gaps up to the high 440s or so, 3-5%, I may buy it orhs, but if it gaps up like 20% I won’t touch it. This is the one that broke out, this is technical analysis 101, on the weekly, it built hls for a year, took out the range that was over a year long, got tighter and tighter, then they had blow out earnings, and it just keeps going. If you like to trade off the weekly, you can build strategies with a really wide stop like position trading strategies, there’s so many ways to skin these things, so many ways to make money in the markets. But the momo names, the growth names, those are the ones to be in. Rn the growth names are internet and software names, but 2003-2007 it was the O&G and commodity names, shippers, solar, 2013-2015 it was biotechs, now it’s software and internet related things. Every market cycle has its own growth leaders, you gotta be on top of those, you have to track those.
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