Traders,
I’m excited to share my top ideas with you for the upcoming week. I will outline my thought process and entry and exit plans for my top ideas, which could make significant directional moves this week.
So, let’s get right into it.
Relative Strength Momentum Breakout in AAPL
Last week was a shortened week with isolated opportunities. Personally, I did well by doing less and managing my expectations, among other things, which set up a clean, all-green, stress-free week.
Interestingly, the market is now shaping up for a potential follow-through to the upside after a sharp reversal into Friday’s close, and many powerful reclaims across leading names and sectors.
Against the market and several other market-leading big-tech names, AAPL displayed relative strength last week and has formed a bullish and favorable R: R formation.
Here’s my plan for AAPL:
*Please note that the prices and other statistics on this page are hypothetical, and do not reflect the impact, if any, of certain market factors such as liquidity, slippage and commissions.
Firstly, where am I wrong? I am wrong if the higher low trend on multiple timeframes breaks. So, my stop will initially be against Friday’s low and then trail higher against the previous higher low on the 15-minute timeframe.
As long as AAPL continues to display rel. Strength, I will look for a higher low entry this week. Once the higher low / pullback confirms and recovers, I will enter long with the stop placed. Alternatively, If a breakout over $193 resistance holds firm, I will enter long with a stop at the LOD.
My first target will be a 1 ATR move to cover half of the swing. After that, over multiple days, I plan on scaling out of the position as the stock makes significant higher highs, piecing out each time on the 15-minute timeframe and trailing my stop.
Additional Ideas:
UBER: Lengthy pullback/downtrend in UBER. Caution: Don’t fight the trend. I am looking for a break from the previous three-day range and hold above last week’s high. That would signal that the stock is ready for a multi-day bounce. I would go long vs. the day’s low, looking for a 20-day SMA reclaim, and move toward $68 as a first target, with the main target a move toward the declining 50-day near $70.
*Please note that the prices and other statistics on this page are hypothetical, and do not reflect the impact, if any, of certain market factors such as liquidity, slippage and commissions.
BNAI: Great liquidity trap on Friday after catching shorts off guard. After the weak close, I will look for a pushback into potential supply near $6 – $7 for failure and a short entry. I would enter on confirmation, stop above the high of the day, and look for a move toward low $4s.
*Please note that the prices and other statistics on this page are hypothetical, and do not reflect the impact, if any, of certain market factors such as liquidity, slippage and commissions.
IBIT: It continues to consolidate with Bitcoin, of course. I am monitoring for a breakout in volume and price above last week’s high for a leg higher.
*Please note that the prices and other statistics on this page are hypothetical, and do not reflect the impact, if any, of certain market factors such as liquidity, slippage and commissions.
FFIE: It is still impressively up from where the move started. I am hoping for some more PRs from the company and pops near $0.7 – $0.9 to re-short. I will continue to have alerts set to short on moves higher, as this will find its way back to where it came from in due time.
*Please note that the prices and other statistics on this page are hypothetical, and do not reflect the impact, if any, of certain market factors such as liquidity, slippage and commissions.
NVOS: This had impressive volume on Friday. If it reclaims low $1s and begins to churn, watch for a potential liquidity trap or T+2.
*Please note that the prices and other statistics on this page are hypothetical, and do not reflect the impact, if any, of certain market factors such as liquidity, slippage and commissions.