Trades Ideas to Save You Some Time
Looking at DKNG, MGM, TTD (short), and PLTR for one last week in 2023.
The end of the year means everyone is busy, spending time with friends and family, and taking a well-deserved break from routine.
If you are finding yourself short on time and unable to put in the usual effort to find trade set ups for the week, no worries. I’ve got you covered!
This week I will be dropping a ton of trade ideas and today I’m kicking things off with DKNG, MGM, TTD (short), and PLTR.
I appreciate you and your support of this newsletter, and I thought the best way to share that appreciation was with a few solid trade ideas to close the year.
These are the kind of details I will provide every week for subscribers that have upgraded to paid for 2024 and the same trades I’m considering every week for my own trading account.
I call it the “N.A.T.E. treatment” and I apply it to every trade idea.
Notes. Actions. Targets. Execution.
It is going to be another exciting year and I am fired up just thinking about the opportunities in front of us!
Here’s this week’s trade ideas.
DKNG
Notes:
Bullish near term (and long).
Needs to hold the 34.29 support level.
I like the bounce off of support, providing a retest before moving higher.
Actions:
I like going long with either shares or options.
If shares are owned already, I like selling covered calls at the $40 strike.
No long trade if 34.29 support is broken.
Targets:
Taking profits at 37.73, 39.06, 42.50. Selling covered calls at $40.
Execution:
Consider buying shares or call options, especially on a slight pull back that holds the 34.29 support level.
I like considering the Jan 12, $37 strike call options.
Stop loss at the 50d SMA near $34.
MGM
Notes:
Strong move higher following the anchored VWAP break near $40.
Needs to break above resistance at 44.68 for an upside trade.
Held above the volume shelf between 42.50-43.00.
Actions:
I like going long with either shares or options following a break above 44.68 and hold (second candle closing above this level).
If shares are owned already, I like selling covered calls at the $45 strike if shares reject here. Or consider selling the $47 strike for less premium but some upside room.
No long trade if shares reject at 44.68.
Targets:
Taking profits at 47.19 and 49.69. Selling covered calls at $45 or $47.
Execution:
Consider buying shares or call options on a breakthrough the 44.68 resistance level and hold or retest and bounce at this level.
I like considering the Jan 26, $45 strike call options. This allows time for shares to consolidate above resistance prior to making a move higher.
Stop loss at $43.00.
TTD
Notes:
Rejected at the 78.60 resistance level which was also where the trendline came into play for additional push back.
Recent gap fill has completed, allowing shares to continue their downtrend.
RSI about to drop below 50 after shares made another lower high.
Actions:
I like using put options to short TTD if shares stay below 75.50.
Targets:
Taking profits at 70.20, 67.75, and 64.79.
Execution:
I like considering the Jan 26th, $72 strike puts if shares stay below 75.50.
Stop loss at $78.
PLTR
Notes:
Shares are looking to hold support at 17.16 which is also where the anchored VWAP from the July high comes in for additional support.
If this level breaks, the anchored VWAP from the May lows is the next level of support to watch and assess.
Long trades need to first see a move above 17.75 before entering the trade.
Actions:
I like going long with either shares or options following a break above 17.75.
If shares are owned already, I like selling the Jan 12th covered calls at the $20 strike. That collects a roughly 1% premium with plenty of room to run.
No long trade until shares are back above 17.75.
Targets:
Taking profits at 18.15, 18.95, and 19.84.
Execution:
Consider buying shares or call options on a move above 17.75
I like considering the Jan 26, $18 strike call options.
Stop loss at $17.00.
I am looking for more upside to close out the year but if markets instead pull back I will be focused on the TTD short trade idea.
Let me know if you have any questions and have a great week of trading!
-Nate
This service is for general informational and educational purposes only and is not intended to constitute legal, tax, accounting or investment advice. These are my opinions and observations only. I am not a financial advisor.