Another Outstanding Spring Setup – Real Beauty

November 30, 2017-8:03 pm traderscott What We're Trading 1

The Entry Points

Yesterday there was only one daytrade, and today also only one, love it. That trade in SQ is discussed in the far-ranging video from yesterday. In it was discussed the resistance area in SQ that I used to sell into today, plus the selloff in the QQQ as being a “short-term bottom” and Bitcoin also was discussed.

And today was a magnificent spring setup in XNET, 11.45-14.06 – magnificent setup. Learn this one, it’s textbook. It was discussed  something to watch in our premarket comments this morning – to focus on the “bounce potential” with a break below support first. Yes break below support, we love it, that is a spring. The 11.57 support I was waiting for was a support I’ve had drawn in for several days – preparation ALWAYS:

“BTC has it’s first shorter-term support area set up….I did a video back in September about my trade in KR, believing it was putting in a solid bottom, and brought it up again yesterday. I have no position, but it’s soaring today. EA, accum, springs, and SOSes are all the “system” anyone needs. KR is up 40% from that spring. RAD was also discussed with the SOSes. Retailers are a strong group currently, yet we were told to avoid them because of AMZN. Amazing.

The rocket ship in XNET is over, but there is bounce potential with a break thru support. Like XNET, a lot of the recent rocket ships are finished. We talked about the “serious resistance” in ROKU two days ago. And I’m watching for a bounce trade setup in there.”

Also discussed in the video is my position in DRYS, plus a few other items – RIOT, and the support area in BTC.

 

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About traderscott 1146 Articles
Trader Scott has been involved with markets for over twenty years. Initially he was an individual floor trader and member of the Midwest Stock Exchange, which then led to a much better opportunity at the Chicago Board Options Exchange. By his early 30’s, he had become very successful in markets, but a health situation caused him to back away from the grind of being a full time floor trader. During this time away from markets, Scott was completely focused on educating himself about true overall health and natural healing which remains a passion to this day. Scott returned to markets over fifteen years ago where he continues as an independent trader.

1 Comment

  1. Excellent trade in XNET Trader Scott. Wish I would have been paying better attention to that one yesterday. Can’t say you didn’t warn us and I missed it. UGH…I hate it when that happens. Nothing more solid than a spring.

    Reply

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