341 [ETF insight. May 10, 2021]

  • ETH is going straight up man, ETHE now more than doubled from where I sold, ETCG hit $52 Friday nice 41% unwind, this is what otc stocks are known for these big 1day unwinds.
  • BGFV is not a parabolic, this thing had a perfect ep last week, I think they had pretty big numbers, it’s not a parabolic, is up 60% in four days, could be like a day trading opp on the short side if it gaps up but idk. Now BGFV is starting to get extended, if it closes strong today and maybe gaps up tomos, that would be a mean reversion setup.
  • BNTX I think would be a better one, bc it had this big move, big retracement and now it’s had a big 3day bounce, could have a mean reversion back to the 10/20day. Reported insanely good earnings PM as expected, that’s why it’s been running for the past year, but not really a surprise anymore. BNTX classic third day bounce fail, this is the most profitable daytrading setup, if you need one setup it’s this type of mean reversion setup. BNTX failed the vwap test so far.
  • RHE kinda flagging on the hourly yeah, rn it looks like it wants to go way higher, I hope it does, or if it can go sideways for a few days I may consider it as a long, but rn it’s no play for me.
  • DOGE if I could have traded it I would have shorted the sh*t out of it this weekend when it broke down after Elon said it was a hustle, which it is. This thing had so far two perfect technical breakdowns on the 60min, could very easily unwind another 50% in just a few days. The crypto market if you have two brain cells and understand basic TA, I mean the opportunities just DOGE had like 2 htfs, the first htf it went up 1000% in a couple of weeks, the second it tripled. Look at this thing, made a big move, orderly pullback, started surfing the 10day, built hls, then had this breakout of a range, look at the move it made. Then had an orderly pullback, undercut the 20day, started building hls, look how tight it got, then broke out of this range. Those are insane moves, if you just learn the htf setup. Things that have this explosive moves, you don’t need multi week/month flags, explosive instruments they usually don’t flag long they’re not gonna wait around.
  • The mean reversion short setup is the most profitable day trading setup, and the htf is the most profitable swing trading setup.
  • Let me put it this way, I’m too rich to day trade. Day trading is a young man’s game, and for people with small accounts, and usually those two go hand in hand. I wanna scale my account, I only need a couple of really nice trades to get to 100M and those are not gonna be day trades, they’re gonna be swing/position trades, and once I get there I’m gonna figure out how to get to 200M, and it’s not by daytrading I can tell you that much. I’m looking to take setups forwards not back.
  • I’m gonna start focussing more on etfs, I didn’t realise it before but many of these etfs even though they don’t trade a lot of volume are in fact really really liquid. There’s a lot of great setups, like this URA [28/4/2021] this was a 5* setup, I should have been all over it, definitely a lot of opportunities in etf land. SLX [5/2/2021] 5* setup, had a nice linear move, orderly pullback to the rising 50day, started building hls, look how tight it got, then it had this range expansion breakout candle. Then you can trail it with the 10/20/50day whatever.
  • When I see a good setup in a stock I look at what sector/industry it’s in and I try to find what other stocks in that sector/industry look like, bc you never want to buy something just random, you want the whole sector to look good. E.g the Steel names they’ve all been going, all had 4/5* breakouts a few weeks ago, it’s not like 1/2names, they’re all moving, that’s what you want to see. Same thing with Tech/Software names last year they all went higher, at least a lot of them.
  • TSLA is by far my biggest position, like I said before, Elon was on snl and TSLA has been building lhs for a long time, kinda a bear flag looking structure, and if it can’t go up on Elon getting that much exposure, well there’s only one way. Event trading, I’m an event trader now.
  • KWEB I do see a potential bear flag here when it broke down on this day [23/3/2021] that was kind of an entry, and there was one up here but wasn’t that great of a flag.

#shorting #daytrading #crypto

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