IDK what it is. I got to the computer at a reasonable time, but for some reason avoided the charts. I don’t know why I’m resisting trading.. So, I’m (somewhat) forcing myself to get into it. I’ve got the S&P Futures open and an idea already, so let’s dive in. It’s my job, I need to do it. I know how good it’ll feel when I’m done, knowing that I did something again today, so I need to do it (and, side note, this isn’t all I need to do today. I can’t rest on a trade as an accomplished day when I have the whole blog to launch, but we’ll cross bridges, I am a bit hung over and will have a good amount of the day to myself, so we’ll see)
As I just mentioned, I’m a bit hung over, and feeling some resistance to trading, but it’s like one of those books I read said — just get started and let the motivation come from the action, don’t wait for the motivation to do the action — so here we go.
Looking at futures, equities are showing initial weakness, but there’s a strong support level that price has been staying above for the past few days. I don’t think it’ll be an insane down-day, unless some news happens that I’m unaware of, but overall I think I’m going to look for shorts. If something happens to be popping, though, I’m open to whatever the market is giving to me today.
I looked at the top 20 in my screener (by volume) and picked out a few that look promising. Let’s see what they look like on lower time-frame charts, and if there’s any place worth risking some money!
COIN – Long – This gapped down, and I thought there’d be opportunity for this to fill the gap, but looking now, it’s just pushed further down. I don’t like it, so I’ll hold off
TSLA – Short – This gapped down pretty hard at the open, but since then has been hovering around some support. As I’m typing this, it looks like it wants to make another push down, but I’m not really seeing a tradable pattern for me (on the 5 min. chart). I see a bit of a bear rally, but it’s not that clean. I’ll revisit this if I don’t like anything else and hopefully by then it makes a more tradable move
AAPL – Short – This has been getting pushed down for a while now, and this morning had a fairly large move down, but since then has rallied and is nearly up on the day. Looking at the 5 min. chart, there’s a bit of a rounded bottom a couple of days ago, and a good amount of volatility yesterday, and it looks like that might be continuing today. Price ended up failing yesterday, after a rally in the morning, and I wouldn’t be surprised if the same happened today. I also could argue a head-and-shoulders which would also suggest weakness. The only thing giving me pause here is the volatility and the fact that price is so far away from the support area I’d want it to break to the downside. I’ll come back to this later maybe and see how it’s moved
FRO – Short – I don’t know anything about FRO, but looking at it’s chart, it’s been getting beat down for the last month. Today, price gapped up, and is testing some resistance, but appears to be within the confines of an overall down-move. That said, since first looking at this earlier, price has held on to it’s strength and isn’t pushing back down as of right now. Still, though, this looks weak overall. On the 5 min. chart, I see the large gap-up, but from there, price has largely been basing. I feel like I’ve been burned a few times trying to take a base in the opposite direction, so I’m not going to look for that at all today, instead, I’ll see if it pushes back to the downside and re-tests or something before I think about getting in. I’ll set an alert
AMD – Short – AMD dropped strong at the open, but since then has been on a bit of a rally. It’s testing some prior resistance and appears to be failing at that area. I like this to take a stab at right now, so I’m going to run some numbers and maybe pull the trigger. I don’t want to come back and have missed the move. AAAAND as I was running numbers, price continued to rally and pushed above my stop level. I guess this one’s out for now.
RIVN – Short – I don’t really want to short RIVN because I love the product (and, so far, the company doesn’t seem to have any major issues), but the chart is showing me something different. It’s just a day-trade anyway, so all I’m trying to do is ride the waves. This pushed down again this morning, making yet another low, and right now, on the 3 min. chart, is on a bit of a rally. It seems to be failing at the resistance area of $17, though, so I think I’m going to run some numbers here and pull the trigger if I can