It’s been a while since I traded. Pre-Thanksgiving, really. Then we took that whole week off, then Monday I was still a bit hung over and yesterday I simply didn’t feel great. Maybe I got up late or something, but I wasn’t into it (I did update my portfolio, and add to it, so there’s that, but otherwise, I didn’t trade) I want to get back into it, though, and now that it’s almost 10, I’m only looking at swing trades.
The plan:
- Determine my bias for the overall direction of the market for the rest of the week
- Find stocks that are trending in that direction, and narrow down to my favorite few
- Create a table to talk myself through each stock and pick the one’s I actually want to trade based on patterns/trends/movement/price action
- 1% Risk and set orders to trade 1 or 2 stocks!
Tough analysis today. Price has been down largely this week, with minor strength in the interim. Yesterday, the large down move got to a pretty strong area that’s been both support and resistance in the past, and was most recently support at the end of November. Granted, price somewhat pushed through this area, but not entirely. Today, price is on a bit of an up-move, and overall since mid-October, price has been trending up, so I could see some future strength, but with as weak as today is, I could also definitely see some future weakness. Chances are, price will somewhat hover for the next few days, though, with a bit of both up and down. So, I’m going to look for longs, but I’m going to try to ensure that they’re not incredibly correlated with the S&P. As in, yes, they’ve also been up over the last few months+, but at the same time, hasn’t ebbed and flowed at the same time as equities and still has potential to break over the next couple of days.
ASO – I liked this because it’s up pretty strong not just over the last few months, but over all over the last year+, too. The only thing giving me pause here is that it looks pretty extended right now. I’ll leave it alone and revisit if I don’t like anything else
CELH – This looks pretty decent, despite the fact that it’s down on the week. It’s been trending up all year, broke a resistance area back in July/August, pulled back a bit, and then broke that area again last week. The down bit this week appears to be a retest to me, so I think I’ll look for entries here
SEDG – This looked good on the daily chart, but now that I’m looking at the weekly chart, there’s a lot of chop. Not only that, it looks like there was an extended move last month, price reached near resistance and the up-move slowed down. Now, this week, there’s a wick up into that resistance area, but it doesn’t look sustained. I’ll hold off here
ETSY – This peaked back in November of last year, then largely pushed down for the following 6 or 7 months, save for ~2 months of sideways movement from February to April. It bottomed out Mid-June of this year and has mostly been pushing up since then. Last week, price got up into the range of the base from earlier this year. This week it’s on a bit of a pullback, but it could be a good entry point. On the other hand, it’s pulling back around a fairly strong resistance/chop area, so the better entry point would probably be on the breakout. I think I’ll look here if I like nothing else, but there are reasons to hold off
AXSM – This is interesting. It’s had a lot of time of sideways movement, but also has some trends within there. It’s overall been up since May/June, but had a huge pullback from August – September. Since late October, this has been pushing up quite strong, there was a gap up a couple of weeks ago, and price continued up. This week, price broke out of last week’s high, into a resistance area, and has pulled back some. I’ll take a look at lower time-frame charts still, but this is roller-coaster-esque
WING – This is another thing that looked good on the daily chart, but now that I’m looking at the weekly chart, it’s not looking as good. There’s been a lot of chop over the last roughly 6 weeks, and it doesn’t appear to be near a breakout area or retesting. I’ll leave it alone for now
ACHC – I’m already marking this one a 2 based on the weekly chart. There’s a clear trend that’s had this pushing up since Sep/Oct of 2021 and last week, this broke out of a resistance area that held for a couple of months. This week is down, but it’s near the highs of that resistance area, and could be making a better entry point for me. I’ll definitely entertain this one today
SIG – I like this, but I don’t want to spend too much time on it now, looking at the weekly chart. This week has been on a tear, and it’s only Wednesday. It has broken out of a resistance area, but looking in the past, this tends to move in the opposite direction for a while after these large moves. Granted, they don’t often take out resistance areas this strong, but still. I don’t hate this, but I like others more right now, so I’ll hold off
FSLR – This has been pushing up quite strong since mid-June, to the point where it almost looks extended, but I don’t think it is. This week, it’s pulling back quite a bit, but it’s at a (rather weak) support area, and if it follows how it’s been going, it’s just building energy for another big move up. I like this too.
BBY – This has been pushing up since October, but overall has been down since before 2022 started. This could potentially be simply a holiday boost, because people are buying gifts and not much more. I’ll hold off
NFLX – I like this right now, but I’ve been analyzing for a long time and I’m a bit burnt out. I like other things more right now, so I’m going to focus my energy and attention there.