Been trading lightly lately and practicing for our Small Account Trade Challenge. You will be able to watch me livestream my desktop and trade day and see how to properly setup, scan and trade a short selling day traders account.
Kinda taking the summer off, but it is hard to stay away!!
I always have a plan for long or short on any chart I am looking at. – KEEP IN MIND I AM A NOVICE- do your own due diligence. I am always studying new things to give me a little more edge over the next trader.
I am a support and Resistance Trader, mostly! I plot them out on the weekly/daily and then the intraday with a nod to the current last fews days trend and the overall trend it is in. but I play the chart handed to me on trade day.
I am not trying to call price targets or trends and swing plays for days or week, I just look at charts that have range to play or are at break down or break out levels. But each day is new on the market and a trend can change and break your chart so be prepared for that, long, short and sideways.
Do your own DD and have a plan for each morning, long or short and be aware of the market you are in, bear market, bull market, how is the VIX today? the SPY? is the ticker you are planning to play in the hot sector, cold sector? What is the most recent catalyst? How is the volume? Is there enough average shares traded daily to get in and out with ease? 1 milion average volume is about the minimum.
The day before was the ticker barely holding up, did the stock close strong? was the strong close just shorts covering or is it organic want and desire from true longs who are now bag holder to defend this price point and zone? Are you playing a breakout play, a wash out then buy the bottom? LOD bounce and long? Resistance deflection and shorting the pull back, ETC ETC? Know your patterns that you like to play and what kind of stock – in which sectors – and the catalyst that drive price imbalances on them to get the best edge for you skill set. -Trade Safe-
Cash is also a position and the safest position to be in. When it doubt-pull out-reassess and re enter the proper hole/set-up =P
I usually like to chart the not so obvious hot play of the day but sometimes they are too hot not to play for the follow up the next day and this is my watchlist with my notes to refer to during the trade day!
Sector: Internet Information Providers
FENG: Liking for an overhead test and fail around 4.36 to 4.50’s area with a nod to the 5 buck test area.
Volume: 5 mill with 176k AVG
Float: 31 mill
Income: 6 mill
Sales: 1 213 mil
Insider/ Institutionally owned: ? and ? finviz let me down lol
Catalyst: Loan extension articles and E/R reports of positive E/R
A Grade Setup: Could almost be an A+ to a F since I can’t see the Ownership on it
Sector: Apparel Stores
URBN: Did not hit my scanner. 1 of our room members asked me about it and i was not to big on it at the time. But it is up large and has pull back to be played.
Volume: 32 mill AVG 4 mill
Float: 72 mil
Income: 200 mill
Sales: 3.5 bil
Insider/ Institutionally owned: 15ish% 86ish% lol sigh finzviz…
Catalyst: Barrage and flurry of news trying to get eyes on this and push the price. literally dozens and dozens for the last 2 days talk about leading the retail sector blah blah blah.
C+ Grade Setup: Tute to high never trust them tricks to not try and get dozens of free “unbiased” articles written to bring suckers to the party and it has sales. Still overblown and will watch for the pull back to short.
Carry over from the http://stocksnatch.com/watchlist-8-7-17/
SPPI: Overhead channel tap around 10ish 10.32 to 11 to fail and short but watching it for an early fail or to grind at the overhead areas. probably worthy of watching for a few days and playing for several
Average Volume: 789K
Float: 72 mill what i like to see for short with this kinda set up
Income: -82 mill pos
Sales: 131 mill
Insider/ Institutionally owned: 6%ish and 69%ish
Catalyst: Earnings, enrollment into phase 3 trials. and now some phase 2 study enrollments and presenting at some jerk off conference. all fluff bs to sustain the higher move.
B Grade Setup: Tute ownership to high for me. Float saves it though to still play it.
Noteable Mentions: to lazy to chart obvious both way plays that I will draw support and res lines on in my platform in the morning after watching pre market action and let price action and volume dictate what kinda play i want to enter based on what the chart brings to the table that day!
CYH: waiting for it to finish setting up to Die off or continue its fake ass failed break out.
CBAY: finally cracked the other day but had some bounce from covers and dip buy nit wits so it could crack again one more time on the dead kitty bounce from the last catalyst as the energy drains out on it.
ENDP: waiting on hgh cracks
EXTR: waiting on set up to OH RES
AMRN: waiting on some wind up to see some fail
OCLR: Sector finally cooling off and this little bitch failed it paid “analyst” price targets. those guys are such bitches. Never invest with price targets from analyst. if they could trade they would but that can’t so they work in finance and trade your money –poorly– for you
CLMT: finally popped up and then hit some over head res for a little pull back. volume declining but lots of fluffy news to try and prop it. Back burner watch