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IOVA follow up and other issues

Posted by matt on 22nd of May 2020 at 01:12 pm

IOVA - Chart Link - this one busted out nicely.  otherwise I have not done any trades, been dealing with computer issues all morning, sucks

market short term comments

Posted by matt on 22nd of May 2020 at 09:56 am

$SPX - Chart Link - 15 min, so far the morning lows on the cash was 46 points off the highs, which is the same as the last pullback - so that was a logical bounce off the lows

$SPX - Chart Link - here's a 5 min view, that broken coil trendline may offer some resistance 

Pivot supports

Posted by matt on 22nd of May 2020 at 09:37 am

these are not pivots but important support/resistance areas, currently price in a cluster area of support

Update: GDX and DUST follow up

GDX and DUST follow up

Posted by matt on 21st of May 2020 at 03:37 pm

DUST - Chart Link - 15 min view of DUST, sort of an abc pullback flag look on this pullback after the initial run

DUST - Chart Link - here's the 60 min view

GDX - Chart Link - as you know earlier I said GDX was likely bounce near the 20 day MA which is what it did today

FLMN follow up

Posted by matt on 21st of May 2020 at 02:36 pm

FLMN - Chart Link - new idea from last night broke out despite the weak market

Update: Update: SPX 5 min

SPX 5 min

Posted by matt on 21st of May 2020 at 02:36 pm

and another follow up on

HEPA follow up

Posted by matt on 21st of May 2020 at 01:23 pm

and another follow up on HEPA educational: here's a 5 min - see the big pop in the morning, then look what you got: my trusty abc pullback on light volume - that pullback retested the broken trendline on the 60 min which became support see the second image - so great example of buying a pullback after a stock broke out - using your smaller time frame to time it

Update: SPX 5 min

SPX 5 min

Posted by matt on 21st of May 2020 at 01:20 pm

$SPX - Chart Link - here's an updated view on the 5 min SPX, coiling 

Update: HEPA follow up

HEPA follow up

Posted by matt on 21st of May 2020 at 01:17 pm

HEPA - Chart Link- following up on HEPA was a very nice trade idea from last night. BTW I did't play it I've had too many distractions this morning. 

anyway just from educational standpoint, it had a nice coil (we like coils a lot here), it busted out, then notice it pulled back and found support near the broken trendline of the triangle (that's very common) and places where one can add to their position or buy a first position if they missed the initial move.

so again these are things to consider - if you miss a move but like the pattern, keep an eye on it as you might get a 2nd chance opportunity to buy on a pullback that re-tests broken resistance which became support

remember even supposing the SPX

SPX 15 Minute View

Posted by matt on 21st of May 2020 at 01:13 pm

remember even supposing the SPX gets that move up to the 200 MA and an overshoot, this is late in the 5th wave, not a lot of blood in turnip and one can hedge if they have longs they do not wish to exit

otherwise the market hasn't broken any major symmetry up moves at this point

very short term intra day some resistance now around the 2962 - 65 zone on SPX cash

YES SIR man, nice observation,

SPX 5 min

Posted by matt on 21st of May 2020 at 12:25 pm

YES SIR man, nice observation, see 5 min cyan dotted line, that's where market bounced off the lows this morning

Update: SOXS

SOXS

Posted by matt on 21st of May 2020 at 11:28 am

SOXS - Chart Link - follow up, posted here yesterday afternoon

SPX 5 min

Posted by matt on 21st of May 2020 at 11:25 am

GDX and DUST follow up

Posted by matt on 21st of May 2020 at 11:02 am

GDX - Chart Link - as you know this area been in nosebleed territory, which is why I posted DUST yesterday. The first potential support are is the 20 day MA in blue

DUST - Chart Link - DUST has had a sweet move out of the wedge, 

guys listen I know trading is hard, especially the mental aspect and discipline and focus. The focus is what I struggle with because we watch so many things because of the website. For you guys, I know we have a lot of trade ideas at times, a lot of stuff, but try to narrow it down and focus on one or a few things.  Maybe it's gold stocks for a while and even there if I have list 10 gold/silver stocks, don't trade all them, they tend to move together, pick 1 or 2 or the ETF. Maybe it's the SPX, more a few of the trade ideas.  When you look at the analysis and trade ideas I'm sure some trade ideas stand out to you more than others - maybe you see one or two of our ideas amount 10 that really stand out to you, focus on those and ignore the rest.  Don't try to do everything.

And as far as trading, Steve always comments: trade your plan etc. However I know some of you are trying to formulate a plan still and I fully understand that.  That's why a lot of my blog posts are very detailed, explaining like stops,  constantly raising your stops to each new higher low.  I talk about how I try to buy inside patterns using smaller time frames, so if I see a daily chart I'll zoom down to a 60 and 15 min chart and see if I can find an earlier trigger so I can have a very tight stop vs waiting for the stock to breakout where I have to a have a wide initial stop.  I talk about MA ribbon pinches, symmetry, also money management. And if you've noticed I spent a lot of time in my newsletters on this stuff - which is why my newsletter last night was 35 min instead of 20, I spent that extra time trying to show you things that have taken me 20 plus years to learn.

now tyng it all together:   Like Steve always says trade your plan:  Well as many of you are still trying to formulate your own plan in the end you have to formulate a trading plan that makes sense for you, what I do is not what Steve does.  HOWEVER that's why I throw out ideas and education all the time  -  think of them as puzzle piecesthat you can pick and choose from to build your own puzzel, as ideas to formulate your own plan.

okay back to market

HEPA follow up

Posted by matt on 21st of May 2020 at 09:54 am

HEPA - Chart Link - nice move, was new idea last night in a tight coil

LUV continues to provide 'love' pun intended

Posted by matt on 21st of May 2020 at 09:44 am

LUV - Chart Link - this was really a sweet wedge, had everything, 5 waves, tight wedge, MACD divergence.  I think it can make it to the 50 MA at least

LUV - Chart Link - here's a 60 min chart, note the symmetry dotted lines, that first symmetry is nearing and is a place one could consider locking some profits in. Doesn't mean you have to sell it all, you can sell 1/2 or 1/4 your shares if you think the 50 MA might get hit

VET follow up

Posted by matt on 21st of May 2020 at 09:42 am

VET - Chart Link - again one thing I spend a lot of time on is education in my newsletters.  VET, so here's an example, I talked about looking to buy this inside the pattern before it ook out that resistance at 5.05, then setting an initial stop at the higher low.  Then raising that stop to the resistance area after it broke out which ensured a profit, then now one could move it up a 3rd time. 

VET - Chart Link - here's the daily, but I've been preaching try looking at intra day charts when you can to look for earlier entries. However even if you waited to buy VET after it took out the daily resistance you have done fine and can place a stop in above your entry to ensure a profitable trade

DUST following through

Posted by matt on 21st of May 2020 at 09:33 am

DUST - Chart Link- posted yesterday while it was still in the wedge

interesting read

Posted by matt on 21st of May 2020 at 09:10 am

crazy story of an owner of a pizza restaurant and Doordash

Doordash and Pizza Arbitrage

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