Earnings spike: SLBThe volatile spike on earnings at a key retracement level on NYSE:SLB triggered a long setup to retest the high.
Spike
Nasdaq SpikeToday has been quite the interesting day with all of the Short Squeeze hypes playing out. The price action on the NASDAQ:QQQ did an attempt to break the ATH but at the moment seems to have been rejected on a volatile spike bar. It is worth taking a trade to play this short.
Short AMECan't see it on the Tradingview data but this morning NYSE:AME spiked out on the morning open for a short opportunity. The pattern also happens to match with an Ichimoku cloud pullback.
Worth a shot at these lows: ETHUSDA friend using one of my indicators clued me in on a 5m setup on BITSTAMP:ETHUSD . I cautioned him that right now is not a "your chance to YOLO double your money" territority... that was last year. Now is a "low risk"/"low leverage" time in the cycle. That being said it is worth a low risk play at this dip.
EL for the BeckyI got a signal yesterday on NYSE:EL which is a stock I've been looking to buy on a pullback for the $becky index. For those that don't know the $becky is a meme portfolio of "things white women buy." It's basically consumer products AKA consumer discretionary. I'm looking to play EL to about 259 and then a retest of the high and beyond
Rejection of the Triangle bottomIt looks like Bitcoin has rejected the bottom of the triangle formation I've talked about in recent ideas and videos. This rejection also coincided with a volatile spike bar signal.
It's a disaster: SRPTThe market teaches traders lessons every day... often times reinforcing them to seasoned traders like myself. I happened to have been in but was out of NASDAQ:SRPT before this disaster today. It's a reminder why you MUST take profits even if sometimes you feel the FOMO after you do...
PM 50%This week I've been watching my scans for signals that fit my strategy. I have not yet seen potential trades that fit my strategy; bullish nor bearish.
Today I got two signals that fit my criteria on NYSE:PM and NASDAQ:LRCX ; shorts. PM is looking to hold a 50% level. LRCX is setting up a potential double top. I'm not yet sure of the market sentiment coming into this year. Shorts in a bull market are obviously a low probability. These two are going to serve as test cases to watch from the sidelines. Depending on if they work or not I will have my first clue of 2021.
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Like the setup on CMGI did a scan this morning of opportunities in stocks and found a setup I like in NYSE:CMG . It had a volatility spike on the open down to a 50% retracement that matches with past Daily price inflection. This could be the pullback for a retest of the high followed by a potential break.
I am personally passing on this trade just to stay flat going into the New Year with a fresh null value.
Almaden Minerals $AAU - Penny Stock Idea 💡 🚀This idea is based on my technical analysis only.
Do your research and trade on your own risk!
BABA Spike: Dead Cat Bounce?I've been watching NYSE:BABA over the past week as much hype has surrounded its recent fall. There has been a lot of bragging about profits made on the dip buy and if you've read my posts for long enough you know my cardinal rule, especially when it comes to options, is "if you're bragging, you should be taking profits!"
I'm not one to jump in just to be contrary but the stock price did exhibit a bearish spike at a major resistance this morning. This sets up a play back down to retest the recent low.
I did not like the Single options as they are volatility elevated so I went with a Vertical Put spread to express the trade.
Volatility in RippleSome major volatility just came into BITFINEX:XRPUSD . A "whale" or big sales spiked the market down and probably triggered some stops. This defines the price action and could be a launchpoint for the weekend.
RCL for the long termStories aside about a vaccine and return to normal I like the price action of NYSE:RCL . What the price has done is brush up against the 50% retracement level several times this year and finally has broken above it for a week and come back this morning to spike out and confirm it now as support. This presents a great LOW RISK trade because you know where your stop needs to be (below this morning's low).
Double signals on TSLANASDAQ:TSLA demonstrated both my Primary Spike and Secondary Spike signals that I study and love to trade in just the last two weeks. Definitely worth a study of this volatility phenomenon.
CRSR Swing ShortWhile I do not think that bullish case on NASDAQ:CRSR is over I did see an opportunity for a swing trade on the lower timeframes this morning.
Don't tell Schiff but GLD is bearishGot a signal today on the opening bar of AMEX:GLD spiking out at the 50% retracement of November's price action. This sets up a low risk play back to the bottom and the longer term Retracement level of the 2020 price action around 165.28
My NIO shortLast week on November 23rd I took a short trade on NYSE:NIO . I also talked about the trade and the additional confirmation of what was going on in the EV sector in the video linked below.
I wanted to have this trade marked for posterity as it was just a great example of the same strategy I use on all instruments and all timeframes. It's very simple...
Break of Support/Resistance
Pullback to confirm that Support/Resistance for entry
A target that can gives 3-to-1 Reward/Risk
This is the recipe I have used all year playing stocks and making consistent gains. It makes me respect Support and Resistance and stay PATIENT for setups rather than jumping in.
Why I called the top of cryptoToday as the volatility calms down on the recent failure to reach the All Time High on BITFINEX:BTCUSD I take a victory lap to share WHY I called it as I did. It's not an exercise in ego or ask for people to follow me. In fact, don't listen to me and don't follow my trades... do your own analysis. What I want is for people to learn from my experience as I share it.
I look for short term instances of volatility as signals. I do NOT do price forecasts any more in my career. They never seemed to give me an edge.
Cryptocurrencies discussed were the ones I posted about before their moves in Bitcoin, BITFINEX:LTCUSD , and BITFINEX:XRPUSD .
Conflicting Signals on BitcoinIt is interesting to me how price action has slowed as we approach the former ATH. Yesterday there was a long volatility spike that launched the price closer but we just had a small short term failure to make that final push. Being so close with everyone aiming for the ATH and to break it (myself included) I find this signal concerning. We'll see what the future holds but hedging and/or decreasing risk is not a bad idea.
Riffing on price action for $AUDNZDI've taken two positions on FOREXCOM:AUDNZD this week. First a bearish 60m breakout that I captured a little bit of profit but the remainder stopped out. That stop out revealed some fascinating price action at a potential Daily Support level. I really like studying price action such as this and put my thoughts into a video to share!
AUDNZD Spike at RetracementI was able to catch a short term bearish breakout on FOREXCOM:AUDNZD this week. I closed half at a target and then the remainder stopped out. Following this I noticed a very sharp reversal. My scanner alerted me to a spike on the Daily timeframe. Sure enough the spike is happening right at the 50% retracement of the whole year! This is a low risk, long term trade I have to take according to my rules.
