Hello everyone and welcome to another midweek rcap by Truetrade ! Not much happening this week ,other than new highs now followed by some sideways action. Keep an eye on stocks with news or earnings to help with some day trading liquidity , and apart from that look for some good consolidation buys for swings 😯
Now let's jump into it !
(ALL TIME IS BASED ON PST)
(for all trades below I mention level hold, stop loss, etc, I'm using daily or hourly closes for stop losses or holds, you can trade the levels on an intraday basis !)
PLAY OF THE DAY:
For this play of the day I will recap NVDA from 8/23 and then BBY from 8/24.
We were set to open the trading day above the key 208.5 ATH pivot , so our opening trade plan was to look for long trades on a continued hold over 208.5
As u can see in the chart above , NVDA took off , right from the open, not giving us a retrace to get our ideal entry at 208, but that is generally normal on gap and goes like this. So instead after seeing a nice bullish initial candle , we were prepared to get in on the next pullback. The plan changed to "look for scalp continuation trades as long as vwap holds , while still looking for a full day trade over 208.5. We got the retarce in the 2nd minute , took out entry , keeping stop at LOD , looking for new highs. Shortly after our entry around 211 , we spiked again achieving just under 214 in the very next candle , a nice $3 move and a nice + 27% increase in one week out Call options. This gave us a quick scalp target , with runners being held over vwap.
(some proof for the skeptics out there)
After that spike sell , we moved stop to B/E and NVDA continued to grind up for the rest of the day , falling just shy of 220. A nice way to start the week 🚀.
We held vwap for reminder of the day , and it was a great trade to hold. If you didn't want a quick morning scalp play ,seeing strength of buyers after the first 10-15 minutes , would be enough reason to keep holding , while keeping a trailing stop as the play kept going in your favor !
Now onto the next play , BBY.
We were set to open on a gap up following a positive ER report. with that gap we were set to clear a key level at 115.5, giving us a chance to take a long side trade. 116.72 was the key daily level , while 115.5 was a Pre market level that was holding nicely.
We opened the day OVER the 116.72 daily level , and i took that as a more bullish indicator. With the first candle trying to sell the level , we held over and this gave a good long trade. We kept a tight stop just under the low from the first candle , and similar to nvda , this one started to go right away. Our ideal target was 121, the next daily upside resistance , but this was ok for a quick scalp as well. Shortly after our 117 entry we were trading at 120 just nine minutes into open.
Holding the key level BBY trended nicely for the rest of the ay hitting a high just under 124, an with it , we hit our ideal target , and then some 🚀. As seen above after the open we just continued to hold higher intraday on the 5 minute , never breaking below a consolidation zone until the end of the day. CLosing over 121 gave a swing opportunity and off that w it a new week high to start the trading day on 8/25.
Hope these breakdowns helped !!! Lmk any questions you have or improvements I could make down below !
DAILY UNTIL 8/25
The simple trade of the week. As mentioned we were looking for upside continuation , and we gapped over key level , pick up some longs over level , with stop under 208.5 and let them ride. In depth breakdown of this one is posted above.
⏩ Remainder of the week , looks like 217 as held yesterday and today , and we have continued to grind up. No target for me in sight with these all time highs , but there is no need to chase it. Can utilize hourly consolidations to go long , or wait for a pullback, that's the best way I would play it.
HOURLY UNTIL 8/25
Pretty simple , won't dive to much into this one either as it's done in depth above as well. We got a nice earnings gap over a key level , held the level and got a nice long trade opportunity.
⏩ Would look for upside continuation is 121 holds , would use that as the key inflection level for the rest of this trading week. Over the level eye 124, back under the level 119 , 117.
DAILY UNTIL 8/25
HOURLY UNTIL 8/25
We got the desired wedge break . We gappe up to start the trading week , but that intraday dip gave us a supber entry. Retest of 273.5 gap + key level, and off it we got an immediate reversal. We took the long trade , took some proffit into 277 , and then eyed a continuation hold over 277. We have held 277 the last 2 trading days now after sellers stepped in at 280, that 277 continues to be a good buy opportunity until it breaks.
⏩ Still prefer longside trades on PYPL , would continuation to look for the 277 buys, but it it breaks there , look for buys again off 273. We have broken the wedge , might see some sideways action until the end of the week.
Good longside trade over 544 to start the week followed by a short side trade on consecutive holds under 557. The range remains intact for NFLX.
⏩ holding 544 will provide the momentum we need for a 557 breakout. But from the looks of it the sellers are taking control up here again. If we break 544 , I would still be interested in seeing how price acts around 537. It looks like under 550 can offer a good short opportunity, initially down to 544, followed by a potential break back towards 537. As that 550 has been important over/under on an hourly basis. Meanwhile if we can base over 550 their is more conviction to an upside breakout.
Opened the week under 110 , but gapping back over it (purple zone) on 8/24 provided a good long opportunity, and this is one I completely missed. After from that not many other trade chances , apart from the 114 breakout long.
⏩ Still very interested in this one as earnings comes out after hours on 8/26. If we gap towards 110 i would prefer buys , while if we gap up towards 123 I prefer shorts. Obviously want to see how the report is first and foremost , but those 2 will be the key inflections I utilize for the remainder of the week. Long longs closer to 110, while shorts closer to 123.
That's it for now !
^^^here is a snippet of how the levels can be used ^^^
Check out past watchlist @ https://www.truetradellc.com/blog/categories/watchlists to see if any plays are still live or if the levels truly work 👀
** THIS IS NOT FINANCIAL ADVICE**
I can do this on and on for every stock , but the best way to get them live is by joining the chat ;) https://www.truetradellc.com/stock-signals-membership