275 [When is Gamestop going to stop? (going higher) Jan 27, 2021]

  • GSX got stopped out premarket, these things just keep going, so we had one leg higher now we’re gonna get a second leg higher. GSX reshort all of premarket stop out, crack below vwap, about to take out lods. GSX that’s a power down candle right there.
  • PLUG also got stopped out premarket, they had an offering, now it’s lower than where I sold so that’s a good thing. If you get triggered pm or ah you just gotta get out. I did take a starter short, incase it loses the 65ema, PLUG is one of the leading stocks, I keep seeing a lot of these leaders breaking down; SHOP, ROKU, several more, just a starter incase it can’t hold here, it’s a very tight r/r, I’ll add if it takes out the lows. When you get a market correction, the previous leaders are usually the ones that pullback the most, stocks that are up the most. These leading stocks those are the ones that go up the most when the markets go higher and if you get a correction those are the ones that go down the most; called high beta stocks. PLUG could be a nice long setup as soon as tomos potentially, it’s still holding hls.
  • DKNG too, I held half size overnight, closed weak so I got rid of half, and now it’s gapping down, all the longs from yesterday are gapping down.
  • UVXY bought some orhs. Markets are getting a-holed? Yeah that’s good for my UVXY.
  • GME the 300 level looks like it’s defending. GME just hanging around at vwap, is it really going in such a tight range or is it the quotes? It is going in just a few dollar range holy sh*t. Rn it looks like it’s failing vwap, shorted some. Once it squeezes out it’s gonna do down as fast as it went up, I’m just doing small size getting feelers out there. And technically GME is day one, but I’m thinking since Melvin is out, oh it’s not confirmed, maybe they’re just saying. I just got stopped out of half of my starter, that’s how small size I’m trading these. It needs to confirm backside, it needs to hold below vwap, there’s no reason to do anything on it unless it can’t hold vwap. I’m seeing GME is building hls intraday, for now, for now, that can change in literally a few seconds. That 300 level still defending. GME is building lhs for now, now this 285 area is a key level for it.
  • GME so far this is what I see, lhs for now, looks exactly like MRNA did the day it went down, I can’t go back that far but built lhs intraday, broke the range, then straight down. I’ve been adding a little bit to GME as it’s tightened up and staying below vwap, it’s made like two lhs so far intraday, I actually have a pretty decent position now. GME on vwap again, if it reclaims vwap obv gonna get out, it’s not gonna make it easy. I always have defined stops, I know exactly what my risk is. GME right on vwap, and I’m looking at the chart without pm data, if you look at pm data it’s actually above vwap, so kind of a mindf*ck.
  • So GME in hindsight it built this triangle and now it’s busting out, but it could have also busted lower, so we’ll see, this could still be another lh, we’ll see.
  • AMC is reclaiming vwap here too. AMC is the one I wish I’d shorted, look at the orls on the 1min, you risk would have been 50/70c with slippage, and it’s ultra liquid. AMC is kinda flagging intraday, if it stays above vwap maybe it goes to 30 today.
  • It’s the same setups doesn’t matter if it’s value stock, growth stock, they’re all momo stocks, as long as it has momo we trade it, that’s the most important thing.
  • Sometime intuition helps, but I think this time it’s different bc this time now the leaders are breaking down, and we have this craziness going on. When you get these really crazy moves in a handful of stocks, usually it’s not a great sign for the markets, like the last euphoria. I’m not saying it’s a big top for the markets, but I just don’t think the next few months for the markets are gonna be as good as the past few months, just playing the odds from my experience.
  • CRSR yeah they need to tighten up a little bit, but this is a nice looking flag.
  • If you think swingtrading is annoying, try daytrading. Certain markets are better for daytraders, if things are choppy, but in the long run swingtrading is gonna win out. The problem with swingtrading, sometimes you can’t do a lot, if can be weeks between good setups, you gotta sit in cash or do very little, it can get boring, that’s the hardest thing. So all you have to do is wait, that’s our edge, our edge is in the waiting, waiting for those big setups and the right market conditions, rn it’s too choppy.
  • I wish I had identified the theme early, the high short interest theme, I did drop that one. Usually you get 3-4 big themes per year, I usually catch half of them and then I miss the other half. You’re never gonna catch all the biggest winners and all the hot themes, but can’t get frustrated, when you get frustrated you start forcing trades and bad things happen.
  • IZEA had a perfect breakout [8/1/2021], 5* setup. DNMR had a perfect breakout [14/1/2021] but they’re too thin for me, but this is what these things can do.
  • THCB very decent setup, had a big move, pulled back, undercut the 50day and now it’s breaking out of this range here. Undercut the 50day and put in a big wick. Too thin for me but is the right sector, now is it gonna follow through is the question.
  • Some market conditions it feels like you have the FED in your pocket and some market conditions things like these happen, it’s just a part of trading, it’s about how you manage these things that determines your success. Most people run into tough/choppy times and they can’t handle it, they start doing the wrong thing, they start deviating from their setups and risk management, if they had a setup to begin with, but you can’t do that, you gotta wait for your setups, you can’t start chasing stuff bc it’s going up or down. So now it’s all about waiting, that’s all you can do, wait for my edge.
  • WKHS had an incredible breakout yesterday from a big flag pattern, it’s easier to see it on the weekly, it had been building hls for like 7/8months then it broke out, on the daily it was incredibly tough but on the weekly it’s really clean.

#masterclass #shorting

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