321 [Long bases forming in tech and software names. Apr 9, 2021]

  • ETSY had an okay setup yesterday I passed on it, instead did SHOP, took out hods mid/late day but looks like it may fail here, I guess I should have done ETSY.
  • ARKK, I think it’s a good thermometer for the types of stocks I like to trade, rn it’s in the middle of nowhere, could go either way, I don’t see an edge here. Maybe in a few weeks, builds hls could be nice, but the 50day needs to come down.
  • RBLX going, I kinda shook myself out the other day bc it closed kinda weak. Bought back, gonna use a wide stop on it, trail with the 10day. Going now, if it was more liquid I would have done more size, these types of like hot recent ipos, these can really make big moves sometimes.
  • NVST you can clearly see it’s not a trading stock, just pulls mean reversions all the time, this thing has no break outs, just pops a bit goes back, pops a bit goes back, ignore this thing.
  • It doesn’t matter when a breakout happens, when it breaks it breaks. Most break outs happen early in the day that’s just bc that’s how the markets work, most action is in the first couple of hours, but it doesn’t matter, totally irrelevant. If it’s a good setup, you buy it when it breaks out, don’t make things harder than they are.
  • LDI, recent ipo, yeah decent looking ipo base, really explosive earnings, pretty good setup yeah.
  • It’s just all a waiting game, first you have to be really patient and wait for those good opps in a good market, and then you have to be really patient and wait for those stocks to play out, inactivity is the key.
  • Winning in the game of trading is all about being the best loser you can be. If you’re the better loser than the next guy, you’re gonna win.
  • GBTC I have like 1/3 size, if it closes weak I’ll prob get out of it, if it takes out hods I’ll add. BTC is flagging really nicely, such a beautiful flag, if it breaks out of this 60k area gonna go to 80/90/100k, very powerful flag. Think about it this thing is up from like 4k Mar2020 to like 60k now, just in the past 5/6months it’s like a 5 bagger, and it’s holding up nice look at how nicely it’s it’s building hls and how tight it’s getting, this thing is so strong. Reminds me of the strength back in late 2017, how similar, it had a big percentage move and every time it held up really well, then it went parabolic mode, hopefully it goes parabolic mode this time also.
  • APPS needs to tighten up a bit more, it’s all over the place. Compare APPS rn to like down here, look how tight and clean it was, that’s the kinda set ups you wanna see, now it’s just all over the place.

Misc:

  • I’m gonna do a poll on the avg age of you guys, wow that many boomers. Kinda even 1/3 31-40, 40+ and sub 30, only 2% under 20. True swing trading crowd is not the same as day trading.
  • Someone is keeping track of my positions, entry/exit I guess they kinda guestimate but good effort. So many dedicated people, I love it. I love dedicated people.
  • Kristjan Kullam√§gi is a Loser. Haha I love this.
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