• Who cares what Apple does? Focus on setups. LVGO has a very very good setup, it’s tight, building hls, surfing the 50day, it’s one of the strongest winners this year, if it breaks out gonna be a really good setup. It can obviously fail too, but it doesn’t matter what this and that are doing, just focus on the setups. LVGO and TDOC move together, but LVGO has a better setup and it’s a higher ADR.
• QQQs the 10day is below the 20day, but still it bounced off the 50day, the 20day and 50day are still rising, it’s not an exact science, you kinda have to follow the setups, rn there is quite a few setups. It’s when you stop getting good setups or when there are only very very few setups, that’s when you should get worried, but there’s been quite a few setups over the past few sessions and there’s still a bunch setting up.
• Z, it’s just a setup, don’t look for news on every random move, this thing broke out two days ago, it’s just following through, this is how stocks move, there doesn’t have to be news at every point, you can pretty much ignore the news most of the time. It was a good setup and now it’s following through, that’s what a good setup does. news or no news.
• NIO, just a pullback to the 60min emas. Guys, don’t watch every tick, there’s no point, the entry was two days ago, if you got the entry orhs, just let it work, just scale out some, stocks don’t go straight up, sometimes they do but most of the time they pullback a little bit, build hls, then they launch again. No need to look at them once you’re in, at least not that closely, just put your stops and do something else with your life.
• Yesterday I sold some BILI and PLUG before the close bc they closed weak, so I sized down a bit, you really want them to close strong on day one. BILI looks like it wants to stop me out, got rejected on the 20day yesterday and closed kinda weak.
• TWTR, wow is really strong. Trying to get some on this pullback, okay got filled some, it was straight up, didn’t want to chase this $1.50 move higher, so now we got a mild pullback, I usually don’t buy pullbacks but sometimes I just don’t want to chase. This thing is strong, I want it to dip a little bit more I only got filled 1/4 position. Filled the rest, in 60kshares.
• ESTC, great setup, strong momo stock, bounced off the 50day in this correction, building hls, took out the range, and the market is kinda sh*tty so it’s not really acting well. ESTC came close to stopping me out, but it didn’t and now it’s at hods. Stopped out, 18k loss, what a thin stock.
• I am watching Silver related names, SLV this is a 5* htf, it’s a slow mover but you can do pretty decent size, but there are faster moving etfs, SILJ, SIL, AGQ, but they’re not very liquid so I may actually trade this SLV outright. I am getting excited about SLV, just look at how tight it’s getting, just incredible. So from the March2020 lows, SLV first went up about 32%, then it went up another 20%, then it went up another 60%, so what’s the move gonna be this time if it breaks out? I think a 20/30% move is very reasonable for the next leg higher. Buying 100kshare starter, if it acts well gonna add another 100kshares, stop is really tight 11c.
• I don’t really trade ipos on the first day, I need a chart, I need a chart to trade. Playing day1, I just, is it gonna go up is it gonna go down? I have no idea.
• AVTR, there’s no setup, there’s not much momo here, I don’t think it’s a good setup, it is a flag but it just doesn’t have that much momo, the angles on the MAs are not high enough, you want like higher angles.
• OSTK, how did I find the short? I waited for lower highs. Any time you get a big momo stock like this that goes up 5000% in 6months, it’s gonna pullback eventually, so either it’s gonna put in a true parabolic, or it’s gonna just lose momo and show signs of weakness; do lhs, starting to do rangebreaks on the downside. That’s exactly what happened, it built lhs for four days, then it broke below here, and this is exactly where I shorted it, high 117s, and it went straight down. And I covered some on the way down, and I covered my last shares somewhere here, where it undercut the 50day, bc I thought there was a good chance we were gonna get a bounce. I was lucky, this thing could easily have gone down to the 100day, it was just luck that it happened to bounce right there, but the rest of the trade was not luck, the rest of the trade was very specific technical entries.
• ETSY, it kinda looks like a bearflag, I just don’t like the fact that the lows are going sideways, but the highs are going down, so it’s building lhs, looks like a little bit of a bearflag. You want to see the opposite you want to see the highs going sideways and the lows going higher. Eg, ESTC, hls and the highs are going pretty much sideways, so that’s a bullflag right. But these kinda setups, they could resolve the upside or the downside, you kinda don’t know until it actually happens right.
• SPOT broke down, and this is also like a mini bearflag, the lows are going sideways and the highs are coming down, this is exactly the opposite of what you wanna see, and today it’s breaking down.
• WDAY, it’s a slower type of stock and honestly I hate WDAY, it’s kinda a mean reverting stock, I followed this stock for years, it’s not a great trading stock. NOW is another one, they can have some decent looking breakouts but they almost never follow through, they’re just very choppy.
• CHWY, trying to bounce off the 50day, could work, looks similar to back here [30/70/2020], undercut the 50day went sideways a bit and then broke out. And now it’s kinda bouncing off the 50day, this is a setup that def could work, pullbacks on momo stocks to the 20/50/100day sometimes 150/200day, those setups work, that’s one type of setup, like a pullback breakout, there’s so many ways to skin those things.
• MGM broke out yesterday, but failed today, but the key now is to see if we can hold the rising 20day and build another hl, if it holds, could have a new setup in a few days.
• TSLA is really strong, I hope TSLA has a big big runup into battery day, then maybe get a sell the news. Buy the rumour sell the news it usually when a stock has a big big runup into an event, and then it sells off during the event, even if they news is good, it sells off, bc everyone bought it before the event and so after the event they just sell it. But also looking for a long setup on the 60min, you want to see something like this, hls then a range that gets tighter, hls then a range that gets tighter, for now we have hls but there’s really no range, maybe in a couple of days.
• SPWR, this setup looks great, gonna put it on my watchlist.
• If you can introduce me to one rich forex trader that would be great, I’ve never even heard of a rich forex trader, like some retail guy who got rich in forex, it’s all just a scam, forex is too hard you have no edge, in stocks you can have a big big edge. Forex is just hard, there’s just too many things, stocks are much much easier, you have catalysts, compounders, hype, earnings, there’s so many ways you can develop an edge in stocks, forex is just too hard man.
• Everyone comes into the market, they see people making money and they think they can make it too, but they don’t realise the person they saw making money, make money bc of luck, they were in the right place at the right time. Very very few people make it in trading, very few, most people lose most or all of their money and just give up, very few people turn a few thousand into millions or even tens of millions, very very few, you really need to work hard. And endure drawdowns, people never develop any setups, they just do things randomly based on their sh*t opinions or someone else’s sh*t opinions and even some of the people who do develop setups eventually, most of them can’t endure drawdowns, they think the world is ending and they give up.
• What kept me going? Determination. I just really really really wanted to become a profitable trader. And it took a long time, took me two years to stop losing money. Most people just can’t endure something like that, imagine going through two years, sitting there in front of your screens almost full time, imagine sitting there for two years full time and losing money. I had a part time job, and also I took two loans during that time, to finance my trading habit.
• What was the change that made me profitable? Well I did more of what worked and less of what didn’t work. I finally started to get the concept of setups, it took me a few years, that’s what made me stop losing money and actually start making money. That’s why setups are so important. Just focus on the setups, people have so many opinions but it’s opinions that kill people in the markets.
• SAVE, got stopped out but bought back the 80kshares, looks like the sector is going, but not using lods as stop, using the lows of previous 60min candle. There’s no reason to use today’s lows, it’s even lower than yesterday’s lows, the stop would be too wide otherwise.
• If someone stole all my money and I had to start again with just a few thousand, I would trade the same setups I trade today, nothing would change, I would trade exactly the same way. I wouldn’t be bothering with daytrading, I would just be doing exactly the same things I’m doing, and then you just compound your money, you make a few hundred percent per year, if you’re really good you can make more, it also depends on the market ofc but even in a tough market you should be able to make 50/100% as a short term swingtrader, then after 5-7years I would be rich again.
• In my earlier days I had higher percentage returns bc I risked more, often 1-2%, so my returns were bigger but they were also more volatile, now I just don’t want volatility. You should never risk more than 2%, sometimes you get run over like I got on KODK, I dropped like 7-8% of my account in that trade in a black swan scenario, or from an overnight gap that goes against you, that’s what position sizing is for, that’s why I never put more than 15-20% of my money in any given stock or etf, rarely do I do more, it’s all to manage risk. Your number one priority is to not blow up, that’s your number one priority as a trader, always thinking about how much your downside is, what’s your risk.
• REKR, yeah looks good, this is a 5* setup, you know what REKR looks like, REKR looks exactly like REKR looked down here [12/7/2020], look at what it did on that breakout, more than doubled, went up 177%.

Misc:

• You had to breakup with your gf to trade? She was low momo, she had low adr, she wasn’t a momo leader. She triggered your stop.
• I was single most of that time I wasn’t profitable, I can’t imagine doing it any other way, I can’t imagine having a family and a house and stuff like that and trying to become a profitable trader, it’s just I can’t imagine that. My gf, she waited for the 5* setup exactly, she waited for me to build hls and just when I started breaking out that’s when she got together with me, man now when I think about it, my gf bought the best htf ever, just when it started breaking out. She’s the best trader I know.
• Myers-briggs? Idk, it’s outside of my competence zone. If there’s a setup, I’ll trade it, idk anything else.
• My new boat, this is the one, gonna be my new office.

#masterclass #longing