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.
Summer is winding down and as we all get back to the markets and prepare for the holidays I wanted to say how lucky we all are to be alive in a time and age where we can trade the markets from out desktops/cellphones from anywhere in the world at our fingertips.
The world is much smaller place now and I have noticed this to be the summer of China runners that pop up and hold much longer than they should for the trash they are. Maybe it is because Trump visited there and all the China news on them but either way, respect the trend on those tickers. Israeli ones as well. They do not move like american tickers.
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 out support and resistance lines on the Weekly/Daily and then the Intra-day with a nod to the current last few days trend and the overall trend it is in. That helps me play the hand I am given on the next trade session.
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. Exit when the trend breaks or you don’t know why a chart is moving the way it is moving. Wait for a trend to show up.
-Some questions you should ask yourself before putting on a trade or taking a trade off-
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 million 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!
ITCI: Popped on some good news. has losses, struggled to keep those massive gains. looking for a test of the 16.50’s to 18’s for a short entry if it can get up there to test. if not i will wait for an intrday test of the high 15’s to short into that fails to make a new high. looking for a full give back once the volume dries back up.
Volume: 57.3 mill
Average Volume: 373k
Float: 36 Mil
Shares OS:44.6 mill
Income: -102 mill
Insider/ Institutionally owned: 28ish % 45ish%
and this after shitty earnings. so i doubt the pop lasts on this bs news
A- Grade Setup: insiders/tutes to high for me
Sector: Internet Information Providers
these were my notes from the 8-17-17 watchlist
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. (8-23-17 so it got to the reach area of 5’s but it needed a few chat-room tards to pump it to their chat rats and blind buy the pos and stop the break down. seems like an offering incoming but have to wait and see. China tickers are straight riding dirty! cant trust them hoes, trapping!)
Volume: 5 mill with
Average Volume: 373K
Float: 31 mill
Shares OS: 63 mil
Income: 6 mill
Sales: 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
Short list for me tonight as my platform has went out and wont tell me what is or is not short-able right now.
Lots of really good other stocks to mention but I wont bother charting something if there is no borrows to be had or they are Hard to borrow.