200 [Major indinces getting rejected at supply levels… Sep 29, 2020]

  • BYND had news, didn’t realise that, big news too, and the volume is really big. Watching BYND, news and the volume is almost at avg daily vol [09:38am]. Did a starter. News gapper trying to take out a year long range here. The odds are much better when they breakout with news, it’s higher probability. BYND went from something that looks like just a random stock that goes up from a choppy range, to a stock that has some pretty significant news, and taking out a year long range. Hell of a volume candle, already more than avg vol, probably gonna be the most since this day here [6/5/2020]. Number one thing with a news gapper is volume, it should have big volume out of the gate, first few minutes it should be obvious it has enormous volume. You can clearly see, look at the 1min vol today vs yesterday, you can clearly see, it traded 600kshares first min, that’s like 1/4 yesterday’s volume in the first 1min. First thing is volume, second thing is the overall chart, is it coming out of a range, is it a neglected stock or is it already up 100% in a week? And third, what is the news? And I think this is pretty significant news.
  • Cup and handle is not really a setup I look at, same as head and shoulders, they really don’t exist in my world, it’s not something I look at. I look at the trend and how it’s acting on the fast MAs, 10/20/50day, and like ranges.
  • TSLA something is wrong with it, showing so much weakness, trying to take out lods. Reshorted a starter, so much rw. Why did it have to have these green candles into close, I had such a good entry yesterday. Okay think TSLA just found support on the rising 20ema on the 60min, gonna tighten up my stop on the reshort, didn’t see this support here, probably gonna bounce here off this level.
  • A sympathy play, it’s a stock that runs up in sympathy to another stock, a stock in a sector gets hot, they’re trying to pump all the others in the same sector. I don’t have time to watch news on every stock, there’s so many stocks that have news every day, but you want to see the stocks that move on the news on volume.
  • NIO, a lot of alerts going off, buying a starter 100kshares. It’s just coming out of a big range, yesterday was a sideways day more or less, yeah I see what you see up 3days in a row, but when it comes out of a range it doesn’t tend to matter that much. But yeah preferably it would have been better if it had gone sideways, pulled back a few days. Straight up, I should have bought more, at least I’m in it, I almost passed bc it wasn’t that great of a setup, that was my issue too, up 3 days in a row, I would have preferred a few more days sideways. I often start with 10%, 15/20% maybe if I have more conviction.
  • Where’s the setup? You need to develop setups, you can’t just trade random sh*t, if you want an edge, if you want to last in this game, if you want to make a lot of money, you need an edge, which means you need a setup. I trade very specific setups, there’s always some random stocks making moves up or down, you need a setup. You don’t want your trading to be based on luck, you want your trading to be based on an edge, bc luck doesn’t last, and edge can last a very long time.
  • This is a market it’s better to do less than more, unfortunately I’ve been quite active still, I have a lot of longs, but any signs of weakness, I’m one foot out of the door, if things start acting badly. I’m just worried about this sideways 50day on the SPYs, we just got rejected on it 2days in a row, and it’s below the declining 20day, and the 10day is declining, and the QQQs getting rejected here on the 20day.
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