End of Day Wrap Up 02/17/2021
Happy Wednesday everyone! Today was a pretty bloody day across the board, especially within the sectors including cannabis, EV, education, and most of the OTC market. A pullback within the market was expected, so during this time, I was looking at accumulating as much as I can to build my positions for the future months.
What to Do When the Market is Bloody Red
Many on Twitter were panicking and selling off their positions because many have been spoiled with a bull’s market, and left unprepared with how to handle a bear’s market. During this time, it’s best to accumulate as many red positions possible, and plan for a long swing. Selling off good positions makes absolutely no sense, and only contributes to steeper drops. This is why it’s important to scale into positions, and to never go all in. Proper sizing is important when swinging long. Patience is a must if you want to last in this market.
Highlights for the Day
After a long four months, NXTD has finally broke above $3 after hours. I plan on holding this position long, as I expect this to run up well past $7 within the next year. Another long swing of mine over the last 6 months, RCON, finally broke above $3.50. It’s been a long patience play, as always, if you know what you hold, it’s easy to be patient. I’ve been accumulating SSOK over the last few weeks and it finally broke $0.010 today. ONTX has also finally broke above $1.50 after a long 5 months. I do expect a pullback, so as usual, I will be getting ready to accumulate in the coming weeks for the future months.
Expectations for Tomorrow
Tomorrow may be another bloody day, but we shall see. Typically the selloffs last for a few days, so if tomorrow is another ugly day, I’ll continue to accumulate, and play the patience card. I’ll be out most of the day tomorrow since I have to take my mom to her doctor appointments and run errands, but I’ll be watching the charts from my phone.
How to Utilize My Positions List Below
Many ask how to utilize my top 10 green/red position lists below. Oftentimes, I will exit my green swing positions if it looks like there will be no continuation. My decision varies depending on what my cost price is. It’s all about managing risks, and if it looks like I’ll be in a position where, I’ll be down, I won’t hold, and will choose to reposition myself by accumulating dips on red days over a period of time until it’s ready for the next run.
To Buy On Green Days or Not
I will add to my green positions on green days only if it’s moving in the direction I like and forming higher lows, and showing a bullish chart. I make sure to scale when adding, especially on green days, because it can go south quickly.
To Buy on Red Days or Not
I will almost always accumulate my red positions because they usually move back up, unless it’s a clear pump and dump, which I will never swing because it’s too risky. If there are sharp spikes and a quick drop down, then it’s a clear pump and dump. If the chart slowly drops in price throughout the day, then that’s usually people taking profits. To make the call on re-entering or accumulating, I look at the 5D, 10D, 30D, 90D, 180D charts and I monitor the volume. I love adding when there’s little to no volume when setting up long swings.
Top 10 Green Positions (02/17/21):
Top 10 Red Positions (02/17/21):
I monitor Market Movers every single day to scan for new setups. I mainly look for positions with unusual volume that are at the bottom, ready for a reversal back up, or if they remain green, I look for a bullish chart for a continuation.
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