Thanks brother

Wanted to ask the experts here a question. When analyzing a chart and trying to determine if a chart has broken below a trend line or above a channel line, etc., do u have to "zoom" out all the way to where the trend began? Or is a 1 yr timeline enough??

For example, I was eyeballing a number of charts last night, and things look like they're staying above the line on the 1 yr chart, but it looks like they are teetering or right below the primary trend line on the 2 yr chart.

Does this suggest we are in for a correction or is it full steam ahead?

Several stocks I own have resisted new highs recently and fallen back 1-3%. Am wondering if this is foreshadowing and big money is slowly unloading.

FJ43 said:

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Colt98 said:

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WDC. What's your thought FJ and others.

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Really rough from and iPad and a fat finger so far from precise.

Just my 2 cents with a quick look.

• Held the 200 EMA
• Consolidating here but having trouble through this level drawn.
• IMO really needs at least a day 1 close above it. Continuation in a day 2 even better.
• Rejected at 12 EMA
• Came off -3ATR but hasn't made it back to the mean yet. That's about the 21EMA (yellow).

If me I'm willing to miss the move over resistance to make sure I don't get caught in a fake break above.
If the markets get weak this could see the 200 again and there's a lot of room below.

I can take a better look from my normal setup tomorrow and look longer back.

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Also earnings this week. Acted like it was trying to start a run up friday, if it gets a run up tomorrow or tues I'll sell weekly calls on the shares i just got assigned

NRD09 said:

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FJ43 said:

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Colt98 said:

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WDC. What's your thought FJ and others.

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Really rough from and iPad and a fat finger so far from precise.

Just my 2 cents with a quick look.

• Held the 200 EMA
• Consolidating here but having trouble through this level drawn.
• IMO really needs at least a day 1 close above it. Continuation in a day 2 even better.
• Rejected at 12 EMA
• Came off -3ATR but hasn't made it back to the mean yet. That's about the 21EMA (yellow).

If me I'm willing to miss the move over resistance to make sure I don't get caught in a fake break above.
If the markets get weak this could see the 200 again and there's a lot of room below.

I can take a better look from my normal setup tomorrow and look longer back.

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Also earnings this week. Acted like it was trying to start a run up friday, if it gets a run up tomorrow or tues I'll sell weekly calls on the shares i just got assigned

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A spread could be an earnings play. Hopefully doesn't pull an AMZN for max loss.

There are lots of potential setups this week.

But....

TSLA will be my 1a focus. If this breaks 700, there might be a lot of $$$ to be made this week should that confirm.

If we believe it will be a choppy August, I'll lean much more to relative strength trading vs potential speculative breakouts. Been caught in a few fake breakouts lately.

FJ43 said:

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Colt98 said:

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WDC. What's your thought FJ and others.

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Really rough from and iPad and a fat finger so far from precise.

Just my 2 cents with a quick look.

• Held the 200 EMA
• Consolidating here but having trouble through this level drawn.
• IMO really needs at least a day 1 close above it. Continuation in a day 2 even better.
• Rejected at 12 EMA
• Came off -3ATR but hasn't made it back to the mean yet. That's about the 21EMA (yellow).

If me I'm willing to miss the move over resistance to make sure I don't get caught in a fake break above.
If the markets get weak this could see the 200 again and there's a lot of room below.

I can take a better look from my normal setup tomorrow and look longer back.

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WDC

Top is a Daily view, bottom a weekly view.

Curious spot.......

Lost 5 month consolidation channel (Darvas Box) with one attempt to breakout.
Consolidating below at 200EMA.

IMO will need something special from earnings.

Who know could breakout to top of box but IMO will need a decent catalyst to get above and stay above.

NIO

Many of us are already playing this.

Two downtrend breaks close on Friday.
Showed some strength off 200 EMA.

Above 45.20 and a weekly play IMO. Wouldn't go tooo far OTM though if not ATM.

NIO is fickle and could just as well lose any move above 45.20.

Watch TSLA....often as TSLA goes NIO goes....

DKNG

Played this several times last week with great results on weekly then also a lotto fail.

• Earnings 8/6
• Get above/stay above 50 which is also the 50EMA and could run back to 53-55ish or plus.
• Got above but lost the 50EMA this past week.
• Might could see a little earnings run up.

WDC has got that gap around $54.

$WDC needs to close above $66 to be considered a viable long again. I think the play is probably short on a 21 touch.

$30,000 Millionaire said:

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$WDC needs to close above $66 to be considered a viable long again. I think the play is probably short on a 21 touch.

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I like the short play at 21EMA. Even if a quick scalp.

Is anyone playing OTM calls this week and next on AMZN? I feel like it's gonna close that gap from this week but then trend after that.

My only problem is that AMZN calls aren't cheap.

Also,what's the money play with the moratorium on evictions coming to a close?

BaylorSpineGuy said:

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Is anyone playing OTM calls this week and next on AMZN? I feel like it's gonna close that gap from this week but then trend after that.

My only problem is that AMZN calls aren't cheap.

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So AMZN is interesting to me and have been trying to figure out if/what the play here.

Just a couple thoughts...

All ish...

• It dropped right into a support level that was the top of prior resistance into to the yellow box.
• 3370 was prior resistance then support now resistance again. Note volume shelf break above that.
• Over 3370 (basically Friday high) and 3400-3410 becomes yet another resistance.
• MT of Thu high to Fri low is approx. 3472.50 which has also been former resistance.
• I could see this possibly trade sideways here a bit with possible attempts to break up
• Its at -3ATR
• Gap filling back to MT seems reasonable at some point as long as macros hold up.

Tricky but I want a play here however a guy could get crushed in this options wise real quick. The market needs AMZN healthy IMO.

Prognightmare said:

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White House Road said:

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Prognightmare said:

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Let me just say that what happened is bull**** and I'll be adding more Monday because I think that it will open lower and probably close the day green. Miss you guys.

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Silver lining, it let those of us late to the party another chance to start a position.

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Correct! This one may go lower and not immediately climb but their update of the phase 3 trial hit on all cylinders. The test group showed improvement at the 9 month mark and that's big, with no side effects. I believe they'll get FDA approval when this is phase 3 is over. It may be in 10 months, but ignore the emotion and wait because I think you'll be rewarded.

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After the big pop in February, the stock sold off massively for 2 days and then bounced on the 3rd day. Not saying that happens this time but it might. I also bought back in Friday because I think there's a good chance of a new high price target coming out next week.

Phase 3 clinical trials are just beginning and it's a 12-month trial, so don't expect data anytime soon.

FJ43 said:

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There are lots of potential setups this week.

But....

TSLA will be my 1a focus. If this breaks 700, there might be a lot of $$$ to be made this week should that confirm.

If we believe it will be a choppy August, I'll lean much more to relative strength trading vs potential speculative breakouts. Been caught in a few fake breakouts lately.

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For what it's worth, Sam's "beast number" on TSLA is 709.

He's been pretty dialed in on TSLA since I've been following him. He's been saying 709 is the breakout number ever since the last breakout. Before that, the beast number was 636 and that was spot on. The day after it got through 636, it tested 700.

Double_Bagger said:

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FJ43 said:

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There are lots of potential setups this week.

But....

TSLA will be my 1a focus. If this breaks 700, there might be a lot of $$$ to be made this week should that confirm.

If we believe it will be a choppy August, I'll lean much more to relative strength trading vs potential speculative breakouts. Been caught in a few fake breakouts lately.

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For what it's worth, Sam's "beast number" on TSLA is 709.

He's been pretty dialed in on TSLA since I've been following him. He's been saying 709 is the breakout number ever since the last breakout. Before that, the beast number was 636 and that was spot on. The day after it got through 636, it tested 700.

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Sam is hilarious to follow and gets some spot on....however....

He also had ROKU to 509 within the next couple days....that was early to mid last week.

Dropped 60+ points after that tweet.

I am for sure not Sam but I am sticking to 700 with resistance above that 706. Not sure where 709 comes in really but he is probably right.

I think the real breakout is above 715 confirmation. See chart resistance below.

$SQ buys Afterpay in $29 billion deal

https://finance.yahoo.com/news/1-square-buy-australias-afterpay-215103559.html

on Friday there was at the close massive buy on AMZN, same with AAPL.

6 mil shares on AAPL and 223k shares on AMZN

So in this unusual options scanner, is 4866 the number of contracts purchased?

Futures happy this evening

Okay you TSLA hotrods, I hope I brought something over to you that is useful.

If you have seen it before, did it work for you?

https://munafasutra.com/nasdaq/tomorrow/TSLA

FJ43 said:

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There are lots of potential setups this week.

But....

TSLA will be my 1a focus. If this breaks 700, there might be a lot of $$$ to be made this week should that confirm.

If we believe it will be a choppy August, I'll lean much more to relative strength trading vs potential speculative breakouts. Been caught in a few fake breakouts lately.

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I have had some success trading RSI selling verticals.

Not sure if it is just dumb luck or me actually know what to do... lol

Farmer @ Johnsongrass, TX said:

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Okay you TSLA hotrods, I hope I brought something over to you that is useful.

If you have seen it before, did it work for you?

https://munafasutra.com/nasdaq/tomorrow/TSLA

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It worked but I'm trying to decipher between all the data. Is it saying high target by 8/6 is 712.79?

Looking on an iPad so may not be formatting correctly. May have to look at it from my PC first thing at o'dark thirty.

SF2004 said:

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FJ43 said:

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There are lots of potential setups this week.

But....

TSLA will be my 1a focus. If this breaks 700, there might be a lot of $$$ to be made this week should that confirm.

If we believe it will be a choppy August, I'll lean much more to relative strength trading vs potential speculative breakouts. Been caught in a few fake breakouts lately.

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I have had some success trading RSI selling verticals.

Not sure if it is just dumb luck or me actually know what to do... lol

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If it's working keep doing it! Think McInnis is playing with Pivots and RSI combinations.

I do check RSI occasionally intraday but mostly use for daily posture. SR levels especially R when in an uptrend I've found will trump the RSI.

Bosco said:

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So in this unusual options scanner, is 4866 the number of contracts purchased?

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Yes I read that as the number of contracts bought at that strike on Friday. Someone knows?

That may be worth a lotto based on its open. For $600 if that thing starts to run to 3500 early in the week those would be dumb levels of return.

verticals could pay nicely this week on AMZN too...

for example, a 3395/3400C is just $90 and max profit is $410 at expiration and 3400+. If closed out on Friday before expiration, still around $260.

also it'd be net free around 3385. I might try and grab a few tomorrow.

big accounts and more risk: could go 3410/ 3435, cost 452, max gain $2048 by expiration

just stumbled on this chart
NXRP
drug co. w/ new covid treatment; pending approval; EUA given for Georgia
But it was the recent volume spikes that caught my eye. yuge vol

Mornun!

Gap up morning.....

Futures traded green into this morning and green here early open.



Is this a rally week into ES 4500?

Levels I plan to watch are premarket highs to see if we confirm or reject those through the day.

IWM - Will be paying attention to IWM to see if closes above the 50EMA. If we can get a day 2 out of it above the 50 it may be small cap time.

SPY - Watching 440 defense

Qs - Watching 365 how well defended.



Trade wisely!

NIO popped to almost 46 then faded to low of 43.79.

Prior close or 43.73...ish is what I will be watching for a test.

May add to weekly there if back tests and bounces.

TSLA touching $700 premarket here.

FJ43 said:

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Mornun!

Gap up morning.....

Futures traded green into this morning and green here early open.



Is this a rally week into ES 4500?

Levels I plan to watch are premarket highs to see if we confirm or reject those through the day.

IWM - Will be paying attention to IWM to see if closes above the 50EMA. If we can get a day 2 out of it above the 50 it may be small cap time.

SPY - Watching 440 defense

Qs - Watching 365 how well defended.



Trade wisely!

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