301 [Waiting for the next big opportunity. Mar 8, 2021]

  • I didn’t buy the bounce Friday, I’m in no hurry to try to find a bottom in the markets, I’m gonna wait for solid setups. Some of the bounce setups were really good, like TTD undercutting the 200day, but it’s just not a setup I’m super comfortable with so I just passed on those things.
  • Gonna keep my shorts, until they actually confirm and start taking out the 10days, rn everything I’m short yeah it could bounce a few days but then it’s gonna hit all of these declining MAs, and that’s how I’m gonna see if this bounce has any staying power, if it starts failing that’s gonna give me confidence in the next direction of the market. If we bounce for a few days and then everything starts fizzling out, then I’m gonna increase my short exposure, but if the bounce sticks and we start seeing breakout setups, I’m gonna start buying with both hands.
  • RDNT, but does it have explosive earnings though that’s the question, eps -43% and rev +2%, this is not something really I would call a big edge. You buy EPs you want the outliers, you want the mind blowing ones. It’s just a slow random stock, I mean look at this thing it never makes any big moves, it’s too random and choppy, just bc a stock is going up it’s just one day, stick to the explosive ones, that’s where your money is gonna come from, if you keep trading these you won’t make much money. The earnings were mediocre, like what’s the reason for it to go up? You want the stuff that’s really a big surprise to the market, this is just a random up day, one of the biggest keys to successful trading is cutting the randomness out. There’s always some random moves all the time, you really want the outlier type of trades, that’s when you’re gonna be a superstar trader, trust me on that one.
  • You always want to find the earnings outliers, that’s where the money is, but if it’s like a really good report, big growth, big surprise, what that quote means, you should still stick to the superstar earnings, the superstar stocks, but only if they go higher. If it’s a really good report, big earnings, big surprise but it’s going down, it’s not gonna help you, that doesn’t mean you should buy anything random that’s up on earnings imo. There’s many ways you can trade these things, but I haven’t found big success trading random stocks.
  • GME, why did it have to be weak in ah the day I bought it, I sold half of it ah bc it was going down, now look at it.
  • Be careful not chasing any random stocks going higher, you want the really good setups.
  • CPE is a good setup on the short side, been in a multi month trend and now it’s speeding up, today is day 4 of this move straight up, gapped up and failed, loss of vwap and orls would have been the entry, pretty decent short setup.
  • EYES, why didn’t I buy it orhs Friday, what a mover, maybe I should reserve some shares short, when something goes up 1000% in two sessions there could be something here short side possibly, gotta wait for the weakness though, can’t just short it into strength, gotta wait for the weakness. Okay I located 200kshares. Don’t tell me I missed EYES come on, I’m so slow now. I got filled a few 62kshares. Willing to maybe add to it later. Added a little bit more doubled my size on it. Not gonna cover a single share until it takes out lods, I don’t really have a meaningful position so I need a big move.
  • Covered ICLN short, it’s made a big move down, went long some PLUG and TAN. I did like that PLUG held the 100day today, undercut it Thursday, held and undercut Friday on the big weak day and now it held it again, that’s a good sign, that’s why I bought this one. TAN touched the rising 150day bounced and today built another hl on the 60min and daily.
  • TUP a htf on the weekly, ish. Could be a potential pocket pivot setup, one of the better setups out there among the momo stocks, held up really well.
  • BTC is flagging nicely, if it can tighten up a little bit more that would be really nice.
  • TQQQ I bought bc it held the dip, it couldn’t go lower, which means there’s a good chance it’s gonna go higher.
  • XLF is straight up for several months, had a good setup here though, bounced off the 50day.
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