It was a busy first week in the launch of our new day trading chatroom. Today we are going to talk about some of the trades Kunal and some of our members took in our new chatroom, and share our thought processes for you to learn from:
Some of Kunal’s Trades
These trades were from last Monday, but these stocks were in play all week. Kunal and some of our members hit these names multiple times throughout the week. $OSTK, $CRWD, and $RVLV had some crazy range all week, and there were multiple opportunities on these names throughout the week:
$OSTK is on a strong uptrend, mostly due to the strong uptrend in Bitcoin over the last month. It’s a choppy trader, and you HAVE to be buying on dips and selling into strength. If you are chasing this, you will be smoked out. Best way to do it is to scale out quickly and leave some of your shares for lotto after you’ve taken profits and moved your stop up.
$RVLV is a recent IPO from June. After a strong couple weeks, it has pulled back a bit, and started to base and grind up last week. Provided a nice ranger with opportunities to the long and short side. Keep this on watch this week for more upside momentum with a break above the $40 level.
Here is a video recap of a trade Kunal had in $CRWD last week:
$CRWD is a recent IPO like $RVLV, and has a similar-looking daily chart. but it has a bit more liquidity in it to get more size on your trades. It has been grinding up its daily as well. Keep this on watch this week for a continuation of the uptrend.
BYND Trade Example
One of our moderators Nick had a decent trade on Beyond Meat, $BYND. Last week it was consolidating in a very tight range and broke out on Monday. It has been on a strong uptrend all last week and provided many trade opps all week. He got long on the break of the $154 daily resistance level and scaled out into strength into the $157-$158 area. The conviction for the trade idea came from the tight consolidation on the daily chart under the $154 level.
Some of our students had strong trading weeks as well. Applying what they learned in the trading bootcamp to the markets. Here are a few screenshots of theirs from the room:
Next week is earnings season. One of the best times of the year for momentum traders. Going to be a lot more opportunities to the short and long side.
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