Following is a recap of things discussed in premarket, and a few other stocks. Towards the end of the video, my averaging into, 38.20 buy and 39.30 buy, in OSTK yesterday, and sale of half today 42.25, is discussed. Also discussed is DRYS buys and sale yesterday and buys and sells again today. I also have positions in MZOR and IMMU. Also discussed is what to do after a lousy entry fill, scratch in NEOT. There will be a post soon recapping our view, in posts and in premarket, about the long-term bottom in the shippers. Bottoms are a process, not an event, and there are multiple trading opportunities on all time frames. Also, CDE, GRUB, ABBV, AEO, QQQ, IWM, BBY.
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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.
Maybe a bounce for AAOI after filling the gap?
https://www.tradingview.com/x/J1uJHJKn/
The bottom part of that full gap is 36. With the weak ones, I like to give them plenty of room. AMD closing in on support, not there yet.
Hopefully thats the bottom in AMD, think this stock likes to accumulate several days before it does anything fancy.
https://www.tradingview.com/x/rvDD8PI7/
Got a couple on charting skills questions.
https://www.tradingview.com/x/DiDiiMpV/
A)Does the yellow circle has a characteristics of a distribution on a 1 Hour chart? If so what characteristics of a distribution does contain in it?
B) Would this be a short term short(put) trade setup?
C) 6:15 on the stop loss video. What do you mean about cycles lined up?
Although it was a great video you had made on hard break and stops. I still feel that I had not mastered the ability to recognize “hard breaks” May you show some more example of “hard break” in the future?
Thanks Scott learned a great deal of info so far.
A) Yes it appears to be, at least at resistance. Puts, for me, no.
I don’t trade sugar, so to put that in perspective. The thing is I just don’t see a specific trade setup with good parameters. Remember context and time frame, I assume this was not a daytrade thing? Anyway, that is my point with not doing puts. Just because there is some minor dist., that is in no way itself a trade setup. To me the dist is just the volatility there, for a position trade you/I need more going on. Even a daytrade to me it is in context of other things, even just news or earnings, etc.
And as far as what characteristics, it’s purely the price volatility, the volume is not there.
C) The cycles lining up is referring to time frames. Are longer term lining up with shorter term. So for instance in December 2015 that was a part of the probability scenario I had worked out for gold then. Three time cycles were kind of lining up. I know you are interested in cycles, but believe me Raphael, they are very tricky to work with, and are only an ancillary tool. But helpful – so hard to discuss.
Hard breaks – please keep going over charts, all time frames, and look at those big red bars after the rallies. For me it is sort of gut feel (experience). And it must be in context. They can mean different things, for what to do when we see it, dependent upon the technical situation overall. Don’t stress on this one. It will come to you. You’re a hard worker and things do come together. Don’t force it. But for instance, for all this stuff, I will mention things in other posts and videos, maybe not on the specific topic, but just listen and absorb. Like with trend absorption, or whatever. I will keep talking sharp breaks.