Winning Trades and More Profits Coming
While many missed their mark, a few trades are working very well.
If you like these charts and you’re interested in using Anchored VWAP, scanners based on chart patterns, and the best charting software I’ve come across. Be sure to check out the best of the best at TrendSpider.
My favorite part about trading is there are truly endless opportunities.
If you have a down day, the next trading session may be your best ever. It could be the session that turns your month or year around.
You just never know what might happen.
The key is to stick to your plan, stay disciplined, and have conviction entering and exiting trades.
Nobody has ever gone broke taking profits. So be sure to take them often!
While I have sent out a number of trades over the past couple of weeks, many never hit their entry points.
It happens. Drives me a little crazy, but like I said. Endless opportunities. So it is on to the next one.
I do think it is important to review your trades as often as makes sense. For me, that’s every couple of weeks.
Let’s take a look at what worked (TTD puts!), what didn’t (DKNG & PLTR), and what is still cooking (MGM).
MGM
This trade did not take long at all to work out. I hope you got in on the profits because they were only available for a short time!
The very next day shares closed above resistance which opened the doors for more upside.
You could have taken entry near the close on the 27th (circled) or on the retest of 44.68 the following day.
Again on the 29th there was an opportunity to jump in the trade with big profits available to options traders the very next trading session as MGM pushed up to 45.91.
Note that this big push was on the first day of trading in 2024, when most stocks were selling off.
I like the long lower wick and would consider re-entering this trade on another break and close above 44.68.
DKNG (& PLTR)
DraftKings made me and a lot of traders plenty of money in 2023 but this last set up did not allow for entry.
The trade was to go long on a bounce at 34.29.
Support did not hold up and shares broke cleanly through.
No entry and DKNG is now moving lower.
This was the same story for PLTR which could not hold 17.16 support and therefore no trade should have been taken.
TTD
The candles for TTD are doing exactly what I expected them to do, drop back towards the bottom of their recent range.
After four red candles in a row we might see a little bit of a bounce here near $70 but I think this trade still has room to run.
The target is for shares to drop all the way back to 64.79 which is where I will close out the majority if not all of the trade.
If you got in on these put options you’re doing well as they have gone from $2.39 to $4.26 and still have over three weeks until expiration.
Not bad!
Be disciplined about taking profits at each level and enjoy them when you do.
And let me know if you have questions. I’m here to help.
What’s Next?
Subscribers that have upgraded (thank you for your support!) recently received trade ideas for the semiconductor space, both upside trades and shorts.
I’ll break those down soon for everyone.
Meanwhile, I’m watching a few more set ups in the space as well as in energy.
Multiple stocks are testing moving averages and support levels. If they hold, we have multiple opportunities for a bounce! If not, the short trades will come out in force.
Things are just starting to heat up for 2024! More trade ideas on the way!
Have a great day and I hope a profitable one too!
-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.