Happy Sunday, Traders

I trust you have all had a unconfined weekend. Last week was a shortened trading week, which indeed showed as it relates to swing opportunities.

As mentioned in the previous watch list, I was not expecting fireworks. However, I didn’t expect such fruitful intraday, move2move-type trading opportunities. While my focus on these watchlists is strictly to share my thoughts, plans, and insights concerning swing trading, I wanted to waif a few crumbs just in specimen any of you would like to explore the intraday plays from last week further.

Top Intraday Plays From Last Week:

• AMC Dilution Short 9/6
• AXLA long breakout 9/7
• AAPL washout long off the unshut 9/7
• HKIT liquidation short 9/6

Intraday trading, as it relates to specific stocks, is not something I can plan for in detail superiority of time. Why? Considering new stocks pop up in the pre-market or intraday, it’s not possible for me to plan intraday trades days in advance, as I do with swing ideas.

Now, when to swing trading!

So, as you know from last week’s watchlist, CVNA and AFRM were the top two focuses. While CVNA worked well, AFRM did not. So, surpassing we get into the new watchlist, let’s quickly touch on AFRM.

AFRM continues to hold the uptrend and has failed on multiple attempts to alimony unelevated $22, indicating that sellers are yet to take tenancy and longs are yet to take profits. As a result, the confirmation needed to get short was not achieved, and a short swing was not entered.

The key takeaway: Remember, price whoopee is king. Just considering there is an idea does not midpoint a trade should be placed. One must unchangingly wait for confirmation and fight for price to unzip a solid entry. Plan the trade, and trade the plan!

Advanced Micro Devices (NASDAQ: AMD)

AMD was featured well-nigh a month ago on the watchlist for a potential long. However, that trade idea did not trigger or materialize. Fast forward to today, and I have placed it when on my watchlist and radar as the stock showed some unenduring relative strength in the sector last week and now finds itself consolidating near a potential breakout level.

With a current lack of direction and conviction in the overall market, I won’t be doing any predicting here. I will be patiently stalking my swing ideas and pensile price and volume confirmation surpassing entering. In the current environment, patience and selection are vital for success and consistency.

My Trade Plan for AMD:

*Please note that the prices and other statistics on this page are hypothetical, and do not reflect the impact, if any, of unrepealable market factors such as liquidity, slippage and commissions.

$110 serves as the resistance and hair-trigger inflection level. Therefore, I am looking for the stock to wiring whilom $110 convincingly. I need to see sustained volume and interest whilom $110, which signals buyers have firmly taken control.

If the stock can hold whilom $110 with all of the whilom stuff confirmed, I would squint to go long for a 3 – 5-day swing trade. Initially, I will requite the stock some zoetic room and place a stop half an ATR unelevated my entry price. As the trade works, I plan on trailing my stop to the most recent higher low on the hourly chart.

I have two targets in mind. The first target for the position is $115, a potential resistance area. I plan to take off half of the position. The second and final target is $120, a hair-trigger resistance level where the stock has failed multiple times.

Tesla (NASDAQ: TSLA)

While off scrutinizingly $50 from its recent high, Tesla remains up over 100% year-to-date (YTD). Along with the overall market, expressly high-beta tech names, a need for conviction or trend is showing itself.

Interestingly, given the technical setup, it has created an opportunity to be reactive, unbiased, and open-minded.

Let me explain:

My Trade Plan for TSLA

Tesla has spent scrutinizingly two weeks consolidating in a tight range, which might personize a lower upper or higher low on the higher time frame. A unravel whilom or unelevated the consolidation’s support or resistance will personize the trend in the short term.

*Please note that the prices and other statistics on this page are hypothetical, and do not reflect the impact, if any, of unrepealable market factors such as liquidity, slippage and commissions.

Therefore, I am looking for a potential long or short, for a 2 – 3 day move.

If the stock can unravel whilom Friday’s upper and hold firmly virtually $260, I will squint to go long for a move to $270. If a breakout whilom $260 is confirmed, I do not want to see the stock trade when into the range, and therefore, I will set a tight stop virtually $257. I plan to imbricate my unshortened position as the stock trades at $270.

The second trade idea is a short if the stock breaks unelevated $243 and holds firmly in the low $240s. If this occurs, I will enter a short position, risking $246, as I would not want to see the stock trade when to mid-range. My target would be a 2 – 3 day swing position into $230, a previous level of support.

As mentioned, if the trade triggers, it might play out within one day, but I will indulge for 2 – 3 days on the position if it takes longer to develop, as long as there is no weft change.

Important Disclosures