8/13 DRC
Yesterday very slow day, reversal got completely reversed and we ripped higher all day. Today gapping a bit lower, pmkt overall strong with unemployment numbers out. No reason to expect strength not to continue from this. Dont have any shorts planned, mainly looking for failed shorts to go long and got several today.
Beatdown names crushed again. Not looking for longs on them anymore until they reset themselves up.
Really not much to look at again today. Will have no problems if I only get one trade today but as always gotta be ready for anything.
We had our first signs of weakness this week and last, some names at the breaking down point, looking to see if today and tomorrow will judge whether we do continue weakness and drop more, or perhaps its just another chance to buy the dip. Turning point in the market for some names, others just continuing the trend.
1. Stay super patient. It is time to be very patient given the conditions. We dont know if the long is on yet, but today will tell for some names.
2. Follow PT rules.
3. Get in big picture idea on range break with smaller size.
AMZN
GOOG
NKLA
FSLY
NKLA
Great scalp setup at open, just under prev hod. Took it with small size, wanted add but never got it so stuck with original entry.
Great pop at open, hit next da hi, reversed back under 44 and I exited everything. Now just chopping around but up high again.
Pulling back into prev hod under vwap. Will be a stretch if it can get there, but must see it for entry.
TSLA
not a strong open, held under vwap looks weak but into prev hod. Looking for bounce here.
Bounced nice once, not a chance to get in. Good vol too for S, maybe a 2nd time.
Down here again with v low vol attempt. Need to see good tape down here. Didnt see it, will have to reclaim and retest again.
And we did, waiting on test and tape again. MAs much better, right at HTF level.
FSLY
Almost same as TSLA weak but reclaiming levels. Made new lod under prev hod, back above to vwap. Looking for retest to long.
Didnt get but broke above range and vwap and 2day hi. Will wait for long on retest.
Failed broke lower into range low and broke that into prev hod and under that too. Tape and price got to low so didnt take but got back above. Now looking long
Got there with great tape cues, Ripped higher so fast lost all my good RR chances in less than a 2nd. Have to wait again.
Didnt get my chance, but broke range high and I got in small size for big picture. Hooray.
Made it above vwap and above mid morning range high and I added more on the break. Vol is increasing but 1st reaction is rejection of this break higher. Stop is increased a bit.
Still following TM rules. +1R now so stop will be judged by if we can hold above vwap or not.
Still trending up, just broke .90 early morning rejection level. 79 was another, but broke it too, then HOD at 79.70 is PT. Up 2 R now so stop at positive. Big sells up here.
Some rejection, tape ok. Would hate to see it come back on me. Need to be ok with pb, but also want to make sure I leave with money. Can always get back in and VWAP/just under is the spot to do it. 9ema almost caught up.
Starting to struggle, I have a 1min pb level that held last I will use as stop. Tape getting red. We broke under, held on, lots of good bids there and we got bought back up above it. If tape does not keep improving im all out on retest of it if theres weakness.
And doesnt matter we made new micro high here. .50 cents to PT.
Now +3R stop changing to break and hold under of TL. Price would be just above +1R
Overall market getting weaker now. SPY losing MAs looks like its ready to come back into vwap, internals down trending. FSLY struggling at 79.30 in contact with TL now.
Got above, great buying, price not moving though. Warning signs are here. Should be plowing through. TL still tight, will still use close under as stop.
Broke TL, nothing so far, giving me stop all out under 78.90
Seeing some huge buys in here but sellers are taking it all. 3times early morning rejection here, guess I shouldnt be that surprised. Just a waiting game now. I see reasons to hold and get out.
And we made it through, new HOD. Half off soon. Making rising wedge, HOD break was into top TL.
As far as I can tell there is not a single noteworthy level until 81.50 and thats a maybe. The clear next level is 85.50 but that is a loooong ways out. Amazingly, FSLY ATR is 9$ which would coincidentally put us, right at 85.50. v weird. Not expecting that at all though.
Still havent taken partial yet. Going to take majority off though. Leave small size. Lock it in. Parallel TLs are in play, and we are almost over extended now. If we do get to that point, I will be all out. Didnt get there, out most right now. Well see where pullback takes us.
TL from near lod is combined with prev hod. Could be spot to relaod. Great action once, maybe again + 20sma
Didnt give me what I wanted, but new stop for last bit. HTF charts show we need a pb.
Held on for an hour, trend was nice finally out as it broke.
DG
Sideways open, coiling above prev ath level. Setting up for nice short trap breakdown. Looking to buy it.
Pretty much a repeat of yesterday. Most things left without giving me what I wanted. Had a good op on DG for a long that is playing out well but think I wasnt focused on it at the right time. TSLA was close, juuuuust didnt come down far enough for me.
I mean there might be some setups later. Ive got things today I can do instead. Will deal with what I got and call it a quick thursday.
Beatdown names crushed again. Not looking for longs on them anymore until they reset themselves up.
Really not much to look at again today. Will have no problems if I only get one trade today but as always gotta be ready for anything.
We had our first signs of weakness this week and last, some names at the breaking down point, looking to see if today and tomorrow will judge whether we do continue weakness and drop more, or perhaps its just another chance to buy the dip. Turning point in the market for some names, others just continuing the trend.
1. Stay super patient. It is time to be very patient given the conditions. We dont know if the long is on yet, but today will tell for some names.
2. Follow PT rules.
3. Get in big picture idea on range break with smaller size.
AMZN
GOOG
NKLA
FSLY
NKLA
Great scalp setup at open, just under prev hod. Took it with small size, wanted add but never got it so stuck with original entry.
Great pop at open, hit next da hi, reversed back under 44 and I exited everything. Now just chopping around but up high again.
Pulling back into prev hod under vwap. Will be a stretch if it can get there, but must see it for entry.
TSLA
not a strong open, held under vwap looks weak but into prev hod. Looking for bounce here.
Bounced nice once, not a chance to get in. Good vol too for S, maybe a 2nd time.
Down here again with v low vol attempt. Need to see good tape down here. Didnt see it, will have to reclaim and retest again.
And we did, waiting on test and tape again. MAs much better, right at HTF level.
FSLY
Almost same as TSLA weak but reclaiming levels. Made new lod under prev hod, back above to vwap. Looking for retest to long.
Didnt get but broke above range and vwap and 2day hi. Will wait for long on retest.
Failed broke lower into range low and broke that into prev hod and under that too. Tape and price got to low so didnt take but got back above. Now looking long
Got there with great tape cues, Ripped higher so fast lost all my good RR chances in less than a 2nd. Have to wait again.
Didnt get my chance, but broke range high and I got in small size for big picture. Hooray.
Made it above vwap and above mid morning range high and I added more on the break. Vol is increasing but 1st reaction is rejection of this break higher. Stop is increased a bit.
Still following TM rules. +1R now so stop will be judged by if we can hold above vwap or not.
Still trending up, just broke .90 early morning rejection level. 79 was another, but broke it too, then HOD at 79.70 is PT. Up 2 R now so stop at positive. Big sells up here.
Some rejection, tape ok. Would hate to see it come back on me. Need to be ok with pb, but also want to make sure I leave with money. Can always get back in and VWAP/just under is the spot to do it. 9ema almost caught up.
Starting to struggle, I have a 1min pb level that held last I will use as stop. Tape getting red. We broke under, held on, lots of good bids there and we got bought back up above it. If tape does not keep improving im all out on retest of it if theres weakness.
And doesnt matter we made new micro high here. .50 cents to PT.
Now +3R stop changing to break and hold under of TL. Price would be just above +1R
Overall market getting weaker now. SPY losing MAs looks like its ready to come back into vwap, internals down trending. FSLY struggling at 79.30 in contact with TL now.
Got above, great buying, price not moving though. Warning signs are here. Should be plowing through. TL still tight, will still use close under as stop.
Broke TL, nothing so far, giving me stop all out under 78.90
Seeing some huge buys in here but sellers are taking it all. 3times early morning rejection here, guess I shouldnt be that surprised. Just a waiting game now. I see reasons to hold and get out.
And we made it through, new HOD. Half off soon. Making rising wedge, HOD break was into top TL.
As far as I can tell there is not a single noteworthy level until 81.50 and thats a maybe. The clear next level is 85.50 but that is a loooong ways out. Amazingly, FSLY ATR is 9$ which would coincidentally put us, right at 85.50. v weird. Not expecting that at all though.
Still havent taken partial yet. Going to take majority off though. Leave small size. Lock it in. Parallel TLs are in play, and we are almost over extended now. If we do get to that point, I will be all out. Didnt get there, out most right now. Well see where pullback takes us.
TL from near lod is combined with prev hod. Could be spot to relaod. Great action once, maybe again + 20sma
Didnt give me what I wanted, but new stop for last bit. HTF charts show we need a pb.
Held on for an hour, trend was nice finally out as it broke.
DG
Sideways open, coiling above prev ath level. Setting up for nice short trap breakdown. Looking to buy it.
Pretty much a repeat of yesterday. Most things left without giving me what I wanted. Had a good op on DG for a long that is playing out well but think I wasnt focused on it at the right time. TSLA was close, juuuuust didnt come down far enough for me.
I mean there might be some setups later. Ive got things today I can do instead. Will deal with what I got and call it a quick thursday.
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