End of Day Wrap Up 03/05/2021
Happy Friday everyone! Today started as another red day in the market, and towards the last 3 hours of market hours, everything began to slowly turn around, and the stock map slowly switched from red to green towards the end of day.
Giving Myself the Pep Talk
I was dreading the thought of looking at my accounts, especially my long investment accounts. I don’t trade my long positions, I leave it to grow over time. I believe in my long positions, and I know they will reward me in the end. However, it was becoming so painful, I questioned if it was time for me to stop the bleeding, and respect my mental stop losses. After giving myself a pep talk, I convinced myself to get back up and start trading in my other accounts because giving up simply wasn’t an option. Towards the end of the day, 10 of 10 of my accounts closed green ranging from +1% to +41%.
GameStop Corp (GME)
Today was another good day for GameStop (GME). As many GameStop haters continue getting emotionally hateful over GME, I’ll keep making my money, sticking to the technicals. As I’ve mentioned I am still holding as they’ve been forming higher support levels as I’ve predicted over a week ago. GameStop Corp (GME) continues to move exactly how I’ve expected, which I mentioned in MANY of my previous blog posts. Like I said last week, I only need GME to hold above $120 this week, so closing after hours at $138.28 is fantastic as we went from a consolidation between $115-120 to $135-140 levels. We still need to trigger SSR so we can get another good run up, so we shall see what this next week brings.
What makes today’s activity even more interesting was the amount of volume that poured in at 7:15AM-7:40AM PST, hitting an intraday high of $151.53. This continues to tell me that there are big whales in this, because the activity is not something I would see from everyday traders, ESPECIALLY with how bloody this market has been. As I continued monitoring the red tape, I saw huge buys pouring in again, just like it has over the last few weeks, so I continue to feel something good is coming soon. GME closed at $137.74, so Monday I’ll be looking to add between $124-125 and $110-111 if shorts dare to come out and play.
What I’ll be watching Monday, 03/08/2021
I expect a green Monday. View next week’s watchlist here.
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 (03/05/21):
Top 5 Red Positions (03/05/21):
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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