B & M Trader here and welcome to our weekly post full of trading ideas that might be helpful in your week 49.
Before we dive in, let’s do some recap from our last week plan:
Our OKTA upside option play (after earnings) did not work at the open after a huge sell off right after the market open. Though OKTA is up 15+ points during the premarket, there’s no follow through therefore all call premiums get crushed easily.
We didn’t do any trades from the remaining watchlist: CRM, DLTR, DG and ULTA as we realized that, again!, TSLA, COIN, MSTR and MARA are making a huge move, so we just capitalized this.
Why are COIN, MSTR and MARA moving? Well, during the last week’s interview of our fearless Fed chair, Mr. Powell, he said that Bitcoin is like Gold, but only digital and that’s enough for the crypto bulls to push the price to $100k, a level which a lot of crypto bears didn’t think would happen.
We have to cut our BITI position at a loss as it met our risk threshold. Manage your risk, remember.
Here is our watchlist for this week:
TSLA – Tesla last Friday closed at 389.22. She’s on a run and I would say she wants to touch that $400 level. If you day trade this, do not be biased. Always follow your pattern and risk amount. I trade this stock either way as long as it has a range (5-10 points)
COIN – Coinbase last Friday closed at 343.62. Like Tesla, they’re hot right now. Coinbase price action moves together with the Bitcoin price so be careful trading this in options contracts, as the spread is sometimes wide. I traded this successfully last week and will trade again if there’s a range and continuity.
GME – Gamestop last Friday closed at 29.06. We only trade this only if this is moving. If you ever want to know how we trade this, here’s the post I’ve written before that will give you an idea how we do it. You can read it here : How to Trade GameStop and Other Meme Stock
ADBE – Adobe last Friday closed at 552.96. M Trader successfully traded this stock before. I am looking for a downside price action after the earnings release this week 49. I’d like to see this stock go back below 500 again. I’ll check the 475-480 put contracts.
UEC – This stock is a uranium player and I am still holding my leaps positions. In my opinion, she is heading for a breakout once that $8 wall resistance clears. I think she has more room for an upside. I have written my ideas here at Tradingview and you can check my bull thesis.
To Do List:
Read: Market Wizards “ Interviews with the Top Traders by Jack D. Schwager. This is the book that will help your psychology in trading. I curated a list here (blog post) that I read from time to time.
Watch: The Adjustment Bureau. I got the chance to watch this movie after I traded at a loss last Tuesday and honestly I was touched by the last part of the movie when Harry said this “Most people live life on the path we set for them, too afraid to explore any other. But once in a while people like you come along who knock down all the obstacles we put in your way. People who realize freewill is a gift that you’ll never know how to use until you fight for it.”
Allow me to say this that whatever obstacle we face while doing what we love, always fight for it, no matter what.
We’ve been buying stocks in some of the companies that we are not mentioning here and sometimes we post our analysis on our TradingView platform.
Feel free to view our trading ideas and analysis here at TradingView.
If you don’t have a TradingView charting platform yet, you can sign-up here (our affiliate link) . It will give us a small commission which we will donate to the Sick Kids Foundation.
See you in our next play.
B & M Trader