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Sundayprep_10-3-2021

Sunday Prep 10/31 - $JMIA Looking for Break Below $17 I know the ATR on this one is small, but if we break back below 17, we may see a momentum burst to the downside with some extended range. Would be willing to consider shorting any pop into the low 18s if it were to spike off the open on Monday. The new monthly pivot will be 18.39 PROTIP: If you have problems seeing short ideas because you are typically a long-only trader, flip your charts upside down (ALT+I on TradingView or put a “-” in front of the ticker on ThinkorSwim) and you just may have one of those “OMG” moments. Now doesn’t that look like it might be setting up for a great long!?!?! LOL
NYSE:JMIAShort
by TrueTraderOfficial
Sunday Prep 10/31 - $RCL Consumer Discretionary sectorAnother name from the Consumer Discretionary sector that just rejected the underside of the 20d on Friday pretty convincingly. I’m watching for this name to lose 82.5s and then short pops on lower highs. I know that the travel sector can be pretty cyclical and that there is a lot of traveling over the holidays, but this isn’t a swing idea and I’m not concerned about getting short for a day trade if technical levels break and the price action in agreement. The other way you could look to play this is a short on any spike Monday into Friday’s highs/20d with set risk over those levels. Personally would prefer to wait for the first scenario since what I’m really waiting for is the broader market and the Consumer Discretionary sector to give me wind to my back.
NYSE:RCLShort
by TrueTraderOfficial
Sunday Prep 10/31 - $QS Whole EV Sector is HotThis idea was on the #SundayPrep back in late September when we had the big volume and breakout. Even though that move eventually got stuffed, it never really broke down. Instead it continued to make higher lows and build the base. Now we are breaking again and the whole sector is hot. With Tesla and Lucid sparking life to the EVs, I’m looking to buy any weak open on this name. With Monday being a new week AND month, I’ve put the new pivots on the chart preemptively so that we can plan accordingly. I love how the weekly and monthly line up with fib levels as well as the recent daily level on the chart. And flush into low 27s/high 26s will have my interest. If this acts well, I think a piece can be looked at as a swing potentially with the first target area being 32s.
NYSE:QSLong
by TrueTraderOfficial
Sunday Prep 10/31 - $TSLA We Don’t Need to be First InIgnore the swing idea on here as that idea is complete and nothing left to do with it, but I like to keep old ideas on the charts so that I can look back at things later on. But this is really starting to speed up and get some real separation from the 20d. But keep in mind that it already pulled back since the initial big move up, and it clearly showed the ability to hold the psychological 1k level. That pullback may have been all it needed to trap a bunch more shorts and have the juice in it for the next leg higher. I am in no hurry to step in front of it and would actually welcome a gap up Monday and push even higher. Next month’s R1 is up at 1231.61 which seems completely doable. If we get there in an emotional fashion, I would probably be getting pretty excited at the short prospect. ALWAYS remember that we don’t need to be first in, especially when there is so much meat on the bone. Wait for some lower highs and a way to have defined risk. And remember, this idea isn’t for 10, 20, or even 30pts. The idea here is to capture a massive fade that could easily be over 100pts. So don’t be that guy that is busy covering as soon as the trade starts working. Have some patience for exits the same way you should have patience for your entries.
NASDAQ:TSLAShort
by TrueTraderOfficial
Sunday Prep 10/31 - $SBUX Corelated w Consumer Discretionary ETFI know this move down on the earnings report might seem overdone, but you have to remember where that Consumer Discretionary ETF ($XLY) is trading. If that sector is about to roll over and fall back to support, a name like this is very likely to have some more downside. I think any push back to high 108s/low 109s offers a pretty good area to look for lower highs and a great spot to get short this name. All eyes will be on the sector ETF as well as the $SPY. Remember, friends don’t let friends drink Starbucks. It’s for #BasicBishes
NASDAQ:SBUXShort
by TrueTraderOfficial
Sunday Prep 10/31 - $TWTR Social Media Names Have Gotten CrushedSocial media names have gotten crushed recently and with the market where it’s at, they might come down a bit more if we roll over. I think Twitter off that 48-50 area offers a great spot to watch for buyers to show up. The monthly 20sma will adjust Monday morning, which I’m guessing will be somewhere in the low 50s. You have your quarterly pivot down at 49.17 and next month’s S1 pivot will be at 48.32. Remember, I am in NO hurry to jump into these names until the market pulls back. In fact, my guess is that the market needs to pull back in order for these names to come down to these levels. This thesis remains exactly the same for both $SNAP and $PYPL from last week’s #SundayPrep. Friendly reminder: ALWAYS ZOOM OUT!!! Monthly chart shows the significance of these levels and gets rid of all of the noise.
NYSE:TWTRLong
by TrueTraderOfficial
Sunday Prep 10/31 - $AGC Recent SPAC, Could have Major MoveSPAC that has had a recent move up on increasing volume. Notice how after the big move up, all the dips keep getting held? This could be gearing for a major move and it is LOADED with shorts. Over 14.43 and we should see some fireworks. The idea is to be in from down here and that way you can be patient to let it work. I’m eyeing dips vs 12. So far the pullback to support has been on low volume which I love. If we see volume come in, I want to see this push.
ALong
by TrueTraderOfficial
Sunday Prep 10/31 - $BKKT Different Timeframes Lining up NicelyRecent SPAC that is in a VERY interesting sector; digital assets. Momentum is not dying so far on the name and as crazy as it may sound, I can see this one getting REALLY wild if this trend holds. I’m looking for 2 different areas. The first is that 32 level which lines up with the 61.8% fib level as well as Thursday’s HOD. If that area doesn’t hold, the next area that has my interest is 30. As well as it being a psychological whole number, it’s also a pretty important long trigger from Friday’s intraday action. Notice how the fib levels remain very similar whether you use the after hours data or the regular trading hours. Just something worth pointing out since different market participants will be using different timeframes for their analysis, it’s nice to see them line up.
NYSE:BKKTLong
by TrueTraderOfficial
Sunday Prep 10/24 - $PYPL It's Going to be a Great OpportunityI think this is going to be a great opportunity on this name if we can get these prices. This all stems from a major short trigger that occurred back in 9/28. It was a short setup based on the weekly chart and the monthly timeframe was where we were extended. This setup has the monthly 20sma as it’s target. This level also coincides with the quarterly pivot as well as the highs from the base that was built from August to November 2020. If we get these prices I will look to daytrade the name, but it will also be a swing position that I start to build in down there as well.
NASDAQ:PYPLLong
by TrueTraderOfficial
Sunday Prep 10/24 - $ASO This Name has been Acting Really Well I know Goose is gonna love me for putting this one on the list, lol. This name has really been acting well even while the retail sector has been flat-ish at best (with the exception of $M of course). I would take a shot on a flush down to 42ish, but if that area can’t hold, I would still be VERY interested in getting long this name if it can test the weekly 20sma down around 40. One thing to note is that I wouldn’t be caught dead long this name if it loses 38.70. I feel like under that level and this thing very well may test the 200d way down at 34.
NASDAQ:ASOLong
by TrueTraderOfficial