Merchants,
Now we have a brief four-day week forward, so I count on decreased quantity throughout the board, and outlier strikes in small-cap names. In that regard, preserving your guard rails up and focus shall be important.
So, with out additional ado, let’s get proper into my high concepts for this week’s motion. I’ll go over my greatest concepts, which might make important directional strikes, and description my thought course of and entry and exit targets.
Continuation in COIN
I had a pleasant lengthy swing final week, one which I mentioned intimately inside SMB Inside Entry.
I like how COIN has damaged its bullish wedge. After a number of makes an attempt on the 50-day, the inventory has lastly been capable of shut above it.
Ideally, one would wish to be lengthy versus $220 proper now, after the high-teen / $220 breakout. Nonetheless, as I’ve some cushion within the inventory now, after capturing a multi-day transfer final week after it broke above $216 and masking most within the excessive $230s, I shall be in search of a re-entry on the lengthy facet.
Right here’s my plan:
*Please notice that the costs and different statistics on this web page are hypothetical, and don’t mirror the influence, if any, of sure market components corresponding to liquidity, slippage and commissions.
I’m in search of a dip / greater low within the area of $232 – $228, and a gentle VWAP reclaim after that. That would supply a stable entry level and stage to commerce in opposition to on a better timeframe. I shall be utilizing the 15-minute timeframe right here for entry and administration, along with intraday and multi-day VWAPs.
My first goal shall be a small scale out above Friday’s excessive. After that, I’ll use a full-ATR goal, someplace close to $245, to take as much as half of the place. After that, I shall be targeted on trailing the cease utilizing greater lows and scaling out of the lengthy over a number of days as/if the inventory makes important intraday greater highs / extends from its VWAP.
Greater-Low Entry in BABA
I’ve spoken about this for some time. From a a lot greater timeframe, I’ve been stalking it and had my unique entry close to $70. Nonetheless, on a extra swing timeframe, in search of a place for as much as every week or two, I’m on this pullback.
Essentially and technically, I just like the inventory for a long-term maintain. From a swing mindset, I like the numerous push off the lows in April, extension far above its 200-day, and now a gentle pullback and reset into the 200-day. For me, it’s about value stabilization and constructing vitality inside a brand new uptrend.
Right here’s my plan:
*Please notice that the costs and different statistics on this web page are hypothetical, and don’t mirror the influence, if any, of sure market components corresponding to liquidity, slippage and commissions.
As the bottom continues to kind above its 200-day, I’ll purchase dips, beginning with an preliminary large cease close to $77.5, giving it room. If it corporations up and we get greater lows and a break above the growing consolidation, I’ll then look so as to add my measurement and improve my cease to the times/consolidations low.
My first goal could be a transfer towards $85, the place I’ll piece out round a 3rd of the place. After that, I’ll in the end goal a transfer again towards the current highs. Nonetheless, I shall be trailing it utilizing the hourly timeframe’s greater lows and prolonged greater highs to be taking a revenue.
Further Concepts:
FFIE: This is a wonderful plant from final week. Earnings are set for Tuesday. I’m hoping for a push forward of its earnings. $1.4 – $1.7 could be an awesome quick entry for a transfer again towards the place the transfer began.
LUCY: Penny inventory with a small float that traded unbelievable quantity on Friday. Ideally, this turns right into a multi-day runner for an eventual blow-off high/pattern break and swing quick entry. If it holds up on Tuesday, traps and reclaims intraday shall be open for a protracted. Let’s see the place it opens.
GME: Put out the finished ATM PR on Friday. Hopefully, it would bounce. That might be a present to shorts, in my view. $25 – $30+ would get me occupied with potential failure and quick swing entry. There’s a ton of overhead now.