ENDP and SPNE

Taking ENDP as a swing trade. I like the momentum it has been showing lately. I have a buy stop at just above 6.01 and I just put in a sell Limit way above the resistance just in case but I will be managing the trade if it goes live.

SPNE looks like a good setup to me but since I am basing my entries on the 10 minute chart, I will hold off a bit on it because I don't know where to put my stop to be honest. The easiest solution for me was to just put it at the bottom of the range, but I feel that is just too tight and I'm just going to get stopped out immediately. I'm going to hold off on this for now and just wait for the 10 minute chart to give me a better setup.

INSM trade doesn't seem to be working so I will be taking the position out today.

Alphatrends

I find myself reading Technical Analysis on multiple timeframes again by Brian Shannon. It’s an old book that I bought many years ago when I was starting to trade. I started reading again because I wanted to just brush up on some concepts.  I find myself learning some new things that I missed when I first started reading it. I am now reviewing the four stages of a stock cycle.

I already have some ideas on how to improve my entries and stuff. The book recommends dialing down to an even lower time frame when taking entries and exits but I’m not sure if that is useful for me or if I even want to bother. But definitely I’m going to try and incorporate some multiple timeframe analysis to make sure I am “aligned” with the stage that I am trading.

Lots of lightbulb moments and I still have to fix a lot of things including:

• Candidate stocks...which stocks should I be scanning for?
• How am I placing my entries?
• What about stops?
• Will I be putting a time stop?
• What is my plan for studying stocks? (I really want to do this everyday as opposed to just scanning stocks that I want to trade...there has to be some opportunities for deliberate practice somewhere)

That’s it for now. Market’s about to open in a few minutes and I don’t have candidates yet.

INSM

Took INSM at around $20.76. I like the momentum that it is displaying today after multiple days of being in the red.

Have not posted about my last two trades with BYND becoming a bummer of a trade. I will do so maybe tomorrow. Right now I'm just tired.

SPY looking to go down

The SPY looks like it's about to print some more red candles from here on out. Last friday was a high volatility day to the downside. Something we haven't seen since December of last year. I'm watching the market like a hawk but probably would be wary of momentum breakouts at this point.

Looking at the pre-market now nothing seems to be interesting.

Stopped out TLRY, Holding BYND

BYND seems to be doing well at the first 30 minutes of the session. Set my stop to break-even and leaving my sell order at around $137. Going to gamble another day with this since it has been very strong. it has already breached 2x risk for me. YAY.

What's not cool is getting stopped out on TLRY on the same day haha. I want to say that I knew that this wasn't going to work but no. It was very strong at the open and I really thought it would run. I guess one of the clues here is that I didn't wait for narrow range days or tight consolidations before entering the morning breakout.

So far haven't seen anything interesting on the scans. I'll look for 5 more minutes then I'm done.

On second thought RVNC is a good setup I just entered.

BYND meat

Went long BYND meat. was filled quickly. Hopefully it does not fade into the close.

SM dud

My last trade last week was a dud. I was planning on riding SM for a day trade as the setup on the daily looked like it was going to be a momentum burst setup. I liked the chart and all and I noticed that there wasn't enough volume/interest on the stock. Nevertheless, I still took the trade.

The stock stopped me out on the same day. I was probably caught in the randomness. There just wasn't enough players to push it up. Lesson learned. Only take breakout trades if the RVOL is decent.

SM took it.

Took this trade thought it looked good. I have a stop at the low of the day.

Work and Real Life

I hav ejust been swamped at work and by the time trading hours open I'm already spent. Like now. I didn't get as lucky with my NVTA so I am revisiting the process.

I am flat now and have no position. Really got lucky with that RRGB trade Lol

RRGB (got lucky!) new position on NVTA

Got really lucky with RRGB. Initially it was a stop limit order that I had put as a Limit order instead and so I got filled quickly. Last Friday wasn't very good for the stock but today it surged really strongly and traded to my 2x risk. So i promptly took it off already. I'm happy with the outcome, I'm just not happy with the process because I know I can't replicate it. Sucks.

I'm trying my hand at "in play" stocks which I measure using a combination of pre-market scans and relative volume. There were a couple including KRO but NVTA was the stock that had the volume and price action that I liked. I'm trying my hand at 1 minute charts just so I have some more data. I can't stay for the whole duration of the market.

The setup here is a recovery of the anchored vwap. I took interest as it went down and went back above but was too late to enter and so I placed a limit order on the high generated onthe first candle. I got filled. My stop is at around 17.50. Let's see what happens.

RRGB and MRSN

Some new setups today that I am taking once the daily highs are broken:

I really like this setup because it's coiling up nicely and very orderly. Hopefully I can catch  next swing up.

Unfortunately my order was not a Stop Limit one and I hit the transmit order button immediately. I am now long RRGB. Lol.

GTHX looks to be doing well this morning. Hope it can generate some momentum towards the close.

Back from the Holidays GTHX

I'm back from a long hiatus. I went to Las Vegas for the holidays and didn't trade a single share. Now I'm itching to make some money and here is GTHX on my sights. Just looking for a quick bounce off of the pullback. 3-5 days and I'm out.

I got myself an iPad but the software of telechart really sucks. I'm gonna try and fix it. The scans do not work at all.